L3M1 Exam Dumps : Procurement and Supply Environments

Explanation

An easy question.

Price is what the customer will pay for goods or services eg fifty dollars; payment terms are the ar-rangements under which you pay the price eg in advance, on delivery, 30 days, 60 days, etc.

Although this may seem rather obvious, I have encountered a surprising number of people who seem to confuse the two.

Explanation

This is true. In my view, 'Industry Structure Analysis' is a better term, not only because that is what Michael Porter originally called it, but because it better describes what the model is about. For ex-ample, it reminds us that the model is not about a single firm, but it is about an entire industry, and the structure around that industry.

Explanation

'Retention' - from the word 'retain', meaning to 'keep in place', 'hold back', 'keep possession of' something (Concise Oxford Dictionary, fifth edition) . In this case, 5% of the contract price.