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The executive board of a manufacturing company is requesting support from the procurement team because the company needs to improve its levels of profitability. After segmenting the overall spend by value and risk of supply, the senior buyer for the company is planning to undertake a cost modelling activity. This will be undertaken with a cross-organisational team of internal stakeholders and key strategic suppliers. What would be the buyer's initial objective from the cost modelling activity?

Options:

To understand the supplier's investment plans

To understand the supplier's financial status

To understand the supplier's pricing strategy

To understand the supplier's competitive threats

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Question 2

Mendelow’s Stakeholder Matrix categorises stakeholders into four groups and provides insight into how these stakeholders should be managed. What is a limitation to using this Matrix to categorise stakeholders?

Options:

Nowadays, Stakeholders fall into more than four categories

The Matrix doesn’t consider the power these stakeholders have

The Matrix doesn’t consider whether the stakeholder is for or against the activity

The categories are hard to remember

Question 3

If a stakeholder has high power in a business but isn’t interested in your procurement activity, what should be your management style for dealing with this stakeholder?

Options:

Keep them satisfied – they have high power

Keep them informed – they have high power

Manage closely – they’re a key player

Minimum effort is required as they’re not interested- do nothing

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