CIPS Certification Exams Pack
Everything from Basic, plus:
- Exam Name: Defining Business Needs
- 303 Questions Answers with Explanation Detail
- Total Questions: 303 Q&A's
- Single Choice Questions: 254 Q&A's
- Multiple Choice Questions: 49 Q&A's
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CIPS L4M2 - Defining Business Needs
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Total Questions: 303
Free Practice Questions: 250
Due to the growth of consumer electronics market, semiconductor industry develops exponentially. However, the industry is dominated by a dozens of manufacturer. Chipset need to be built in factories with highly controlled environments. New chip factories cost billions of dollars and can take two years to build. Right now, factories are running at full capacity, which produce almost perfect yields, meaning basic chipset can be made for less than a dollar and more advanced versions for not much more. What are the barriers to new entrants in the semiconductor industry?
1. Poor industry growth
2. High set-up costs
3. Economies of scale
4. Low switching costs
Answer
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C
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Explanation
Explanation Barriers to entry is an economics and business term describing factors that can prevent or impede newcomers into a market or industry sector, and so limit competition. The most obvious barriers to entry are high start-up costs and regulatory hurdles which include the need for new companies to obtain licenses or regulatory clearance before operation. Also, industries heavily regulated by the government are usually the most difficult to penetrate. Other forms of barrier to entry that prevent new competitors from easily entering a business sector include special tax benefits to existing firms, patent protections, strong brand identity, customer loyalty, and high customer switching costs. In the scenario, the new factory for chipset manufacturing costs billions of dollars, which indicates high set-up costs. Also, the incumbent manufacturers have reached economies of scale, allowing them to produce the components at optimal price. The above descriptions are compiled from recent reports on current chip shortage (2021). [Reference:, - Barriers to Entry Definition (investopedia.com), - CIPS study guide page 96-97, LO 2, AC 2.2]
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To strengthen its market presence, ABC Group decided to develop a new product. A cross-functional team was formed to discuss the scope and the functions of the product. They will also survey the potential customers to see what they like, what they love, and what they dislike. What is this process called?
Answer
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D
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Explanation
Explanation As you can see from the scenario, ABC Group is developing the new product. It might be using value engineering. The latter sentences confirm this: the cross-functional team in ABC is mapping the functions and surveying the customers. Their method is known as Kano model. [Reference: CIPS study guide page 171-172, LO 3, AC 3.4]
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Which of the following are characteristics of effective financial markets?
Market stability is maintained
Market volatility is encouraged
Investment is encouraged
The level of regulation is reduced
Answer
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B
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CIPS L4M2 FAQ'S
Find answers to the most common questions about the CIPS L4M2 exam, including what it is, how to prepare, and how it can boost your career.
The CIPS L4M2 certification is a globally-acknowledged credential that is awarded to candidates who pass this certification exam by obtaining the required passing score. This credential attests and validates the candidates' knowledge and hands-on skills in domains covered in the CIPS L4M2 certification syllabus. The CIPS L4M2 certified professionals with their verified proficiency and expertise are trusted and welcomed by hiring managers all over the world to perform leading roles in organizations. The success in CIPS L4M2 certification exam can be ensured only with a combination of clear knowledge on all exam domains and securing the required practical training. Like any other credential, CIPS L4M2 certification may require periodic renewal to stay current with new innovations in the concerned domains.
The CIPS L4M2 is a valuable career booster that levels up your profile with the distinction of validated competency awarded by a renowned organization. Often rated as a dream cert by several ambitious professionals, the CIPS L4M2 certification ensures you an immensely rewarding career trajectory. With this cert, you fulfill the eligibility criterion for advance level certifications and build an outstanding career pyramid. With the tangible proof of your expertise, the CIPS L4M2 certification provide you with new job opportunities or promotions and enhance your regular income.
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In today's competitive world, the CIPS L4M2 certification is a ladder of success and a means of distinguishing your expertise over the non-certified peers. In addition to this, the CIPS L4M2 certified professionals enjoy more credibility and visibility in the job market for their candidature. This distinction accelerates career growth allowing the certified professionals to secure their dream job roles in enterprises of their choice. This industry-recognized credential is always attractive to employers and the professionals having it are paid well with an instant 15-20% increase in salaries. These are the reasons that make CIPS L4M2 certification a trending credential worldwide.