CIPS L4M6 Exam - Topic 10 Question 26 Discussion

Actual exam question for CIPS's L4M6 exam

Question #: 26
Topic #: 10

[All L4M6 Questions]

A competitive advantage can be gained by doing what?

AIncreasing your prices

BEngaging in market research

CBuilding better relationships with primary stakeholders

DCompleting formal tenders for all buying requirements

Show Suggested Answer

Suggested Answer: C

The correct answer is 'Building better relationships with primary stakeholders'. This is a direct quote from the start of chapter 2.2: 'building better relationships with primary stakeholders such as employees, customers, suppliers and communities could lead to increased shareholder wealth by developing a competitive advantage'. The other three options wouldn't give you a competitive advantage; increasing prices would do the opposite, engaging in market research won't give you a competitive advantage unless you do something with that research such as implement a change to your business, and completing formal tenders for everything would be a waste of time and resources- there's no need to tender for low value, low risk items. See p.80

by Cristal at Aug 28, 2023, 12:56 PM

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Laurena

3 months ago

Strong relationships can definitely lead to competitive edges!

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Lera

3 months ago

I thought formal tenders were just a hassle, not a strategy.

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Royal

4 months ago

Really? Increasing prices for an advantage seems off.

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Sherron

4 months ago

Totally agree, building relationships is key!

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Ailene

4 months ago

Engaging in market research helps identify customer needs.

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Gregoria

4 months ago

Completing formal tenders sounds more like a compliance issue than a competitive strategy. I’m leaning towards option C, but I’m still debating.

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Shasta

4 months ago

Increasing prices might not be the right way to gain an advantage unless you’re offering something unique. I feel like I’ve seen similar questions before.

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Edda

5 months ago

I remember a practice question about building relationships with stakeholders. It seems like that could lead to a strong competitive edge, but I’m not confident.

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Catina

5 months ago

I think engaging in market research could definitely help identify customer needs, but I'm not entirely sure if that's the best option for gaining a competitive advantage.

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Katie

5 months ago

I'm not sure about this one. Completing formal tenders for all buying requirements doesn't seem like it would directly lead to a competitive advantage. I'll have to think it through more.

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Paz

5 months ago

Ooh, I think the answer is building better relationships with primary stakeholders. That's a key way to gain a competitive advantage by understanding your customers and partners better.

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Rasheeda

5 months ago

Hmm, I'm a bit unsure about this one. Increasing prices doesn't seem like it would give you a competitive edge. Maybe the market research option could work, but I'm not totally confident.

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Sarina

5 months ago

This seems like a straightforward question about competitive advantage. I'll think through the options carefully and choose the one that best aligns with the concept.

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William

5 months ago

Building better relationships with primary stakeholders - that's got to be the way to go. Strengthening those connections can give you an advantage over the competition. I feel good about this one.

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Milly

5 months ago

Okay, I've got this. Engaging in market research is key to understanding your customers and competitors, which is essential for gaining a competitive edge. That's got to be the right answer.

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Marget

5 months ago

Hmm, I'm a bit unsure about this one. Increasing prices doesn't seem like it would give you a competitive advantage, but I'm not totally confident in the other options either. I'll have to think it through.

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Juan

5 months ago

This seems like a pretty straightforward question about competitive advantage. I'll think through the options carefully and choose the one that best aligns with the concept.

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Micah

5 months ago

I remember learning about LTPA keys in class, but I can't quite recall the details. I'll have to use the process of elimination to try to figure this out.

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Amalia

5 months ago

I'd go with "substantialness" since it covers both growth and competitiveness, but I remember feeling uncertain about this topic in class.

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Ty

5 months ago

I feel pretty confident that the correct answer is that Pacific Suites should have ensured its existing data access and storage procedures were integrated into PHT's system. That seems like the most comprehensive way for the parent company to have protected the sensitive information.

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Allene

5 months ago

The command to sync the hardware clock to the system clock is "hwclock". No need for any path or parameters.

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