RL Corporation are developing a specification for a new piece of equipment.

Vendor: CIPS
Product: L4M3
Update on: Jul 30, 2025
Questions: 196

CIPS L4M3 Question Answer

RL Corporation are developing a specification for a new piece of equipment. They have no prior experience of procuring the item. The procurement manager wants to understand the benefits and risks of conducting market dialogue to help inform the procurement strategy. Which of the following are three potential advantages of market dialogue? Select THREE that apply.

There is no need to conduct a full procurement process

More collaborative supplier relationships can be developed

Organisations can clarify and optimise the requirements

The procurement process becomes significantly quicker

Purchasers can gauge market interest and competition

Market dialogue is risk-free as there is no contract or agreement