Negotiations Quiz

Answer these 20 questions

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Question 1

1. When a supplier increases your price based on a rise of their own costs, the best response is to:*

a) Refuse to pay the increase because controlling costs is their responsibility.

b) Independently verify how much their costs have risen since you last negotiated the price.

c) Accept the increase on the condition they can prove their costs are truly higher.

Not the best response

“Refusing to pay” might be a good move, but can also backfire, especially if the supplier’s costs have truly risen and they need an increase in order to make a reasonable profit. In the long run, denying a reasonable profit is bad for both parties. It forces the supplier to cut corners which can undermine quality and/or service, which can compromise your supply chain.

The correct answer is #b. “Independently verifying their claims” of a cost increase provides both the information and perspective needed to determine if an increase is truly justified. Objective, independent information allows you to accurately assess the situation and make the best long-term decision for your organization.

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Not the best response

Asking them to “prove their costs are truly higher” is a good idea but it still leaves the Supplier in the driver’s seat. They get to choose the data sources as well as the ‘time period’ for measuring the increase. Both (especially the time period) can be easily manipulated to make their numbers appear reasonable.

The correct answer is #b. “Independently verifying how much their costs have risen” provides both the information and perspective needed to determine if an increase is truly justified. Objective, independent information allows you to accurately assess the situation and make the best long-term decision for your organization.

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2 of 20

2. The Golden Rule of Negotiation is:*

a) Never enter negotiations without first researching what has happened to your supplier's costs.

b) Never accept the first offer a supplier proposes.

c) Always insist the supplier makes the opening proposal.

Correct

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Not the best response

“Never accept the first offer” is a common rule of thumb and certainly not a bad idea. But most suppliers anticipate this tactic and tend to open by asking for more than they are willing to settle for.

The correct answer is #a. “Knowing what has happened to your supplier’s costs before entering a negotiation” puts you in the driver’s seat. Before meeting, you can easily determine what a fair price range is. Using this knowledge, you can gauge if your supplier’s offer is reasonable. If it is, good to know. If it isn’t, you are in a great position to push back, because your argument is now supported by objective data and sound logic that clearly demonstrates their price is too high.

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Not the best response

“Insisting the supplier make the opening proposal” is also a common rule of thumb and certainly not a bad idea. But most suppliers, when confronted with this request, put on their “game theory” hat. They counter with an opening price that is more than they are actually willing to settle for.

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3. The most important reason to continually track prices for commodities related to your supplier's costs is:*

a) Suppliers will cease asking for unjustified increases once they know you are watching.

b) You will know if a supplier's request for a price increase is justified.

c) You will be able to spot opportunities to approach suppliers for price reductions.

Correct

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Not the best response

Your answer is not incorrect: It’s just not the most important reason to continually track. “As needed” data are used defensively: to push back when suppliers approach you for unjustifiable price increases. Continual data empowers you to make the initial approach.

The answer is #a. “Continual tracking” alerts you to not only unjustifiable increases but also to opportunities for price reductions you wouldn’t otherwise know about. When you see suppliers’ costs falling, you can proactively approach them for decreases. If you depend on suppliers to tell you when their costs are falling, you might wait a long time.

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Not the best response

Your answer is not incorrect: it’s just not the most important reason to continually track. Suppliers may indeed stop asking for unjustified increases, but they won’t offer decreases either, when their costs fall.

The answer is #a. “Continual tracking” alerts you to not only unjustifiable increases but also to opportunities for price reductions you wouldn’t otherwise know about. When you see suppliers’ costs falling, you can proactively approach them for decreases. If you depend on suppliers to tell you when their costs are falling, you might wait a long time.

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4. Building a model that estimates what you should be paying is great in theory*

a) But difficult and time consuming to build in practice.

b) But not very useful in practice because most suppliers will reject it.

c) And in practice too, because they are easy to build, and welcomed by competent suppliers who are effective at controlling costs.

Not the best response

Not necessarily true. The trick is to build models that focus on cost trends (not cost precision). Cost-trend models are actually easy to build and surprisingly useful. And most importantly, trends are really what you focus on when negotiating prices with suppliers (should prices go up or down; by how much?). More good news: models based on trends often take less than 10 minutes to build.

The correct answer is #c. “And in practice too”. Models that are based on cost trends are easy to build, welcomed by competent suppliers, and effective at controlling costs. Most importantly, cost trends are the main area of focus when negotiating prices with suppliers (should prices go up or down, and by how much?). More good news: models based on cost trends often take less than 10 minutes to build.

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Not the best response

It is true that if you “impose” a Should-Cost model on a supplier he is likely to reject it. The best approach is to elicit your supplier’s help in building it, which is surprisingly easy to do, especially with competent, low-cost producers. The result is a model “owned” by both parties, which not only encourages productive working relationships, but also helps you create a robust, sustainable, low-cost supply chain.

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Correct

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5. The practice of injecting Cost Transparency into negotiations with suppliers involves:*

a) Both parties revealing their costs to each other (on a confidential basis) to identify and the maximize the number of potential shared savings projects.

b) The supplier agreeing to confidentially share certain information about his input costs before raising prices. Prices are not changed, unless the proposed increase is justifiable.

c) The buyer independently researching changes to his supplier’s costs before entering negotiations. By sharing his findings, a level playing field is created that not only prevents price creep, but also reduces disagreement and stress.

Not the best response

This is a certainly good idea when trying to identify new joint-savings projects.

The correct answer is c) – Cost Transparency is a practice employed by buyers when prices are being re-negotiated. While fair to both parties, this practice usually favors the buyer, while making the negotiating process less confrontational.

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Not the best response

This is certainly not a bad idea, but a) depends on the supplier’s providing accurate data; and b) fails to identify opportunities for price decreases whenever a supplier’s cost fall. The correct answer is c) – The correct answer is c) – Cost Transparency is a practice employed by buyers when prices are being re-negotiated. While fair to both parties, this practice usually favors the buyer, while making the negotiating process less confrontational.

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Correct

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6. What are the 4 things should you do to eliminate stress and increase success when negotiating with suppliers?*

a) Track changes to your supplier’s costs and estimate the impact these changes should have on your prices; 2) Negotiate in writing; 3) Create formulas that put pricing on auto-pilot, 4) Meet in person only after prices are agreed.

b) Research your supplier’s business so you better understand his overheads and profit margins; 2) insist that price increase requests be in writing, with appropriate supporting documentation, well in advance of negotiations (no surprises); 3) Meet in person only after prices are agreed. 4) Never make the first offer.

c) Never accept the first offer; 2) Always meet at your offices; familiar surroundings are to your advantage; 3) negotiate in writing whenever possible; 4) Push back (politely) when pressured to make a decision on the spot: suppliers need to understand that you do not make rushed decisions.

Correct

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Not the best response

These are all good ideas, however only two of them eliminate stress (i.e. the first and fourth do not). The correct answer is a).

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Not the best response

These are all good ideas, however only the third one is an actual stress reducer. The correct answer is a).

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7. What is an ‘anti-foo-foo’ letter?*

a) It’s the nickname of a form letter sent out to suppliers before negotiations begins that clearly state the limits and conditions under which your company is prepared to accept future price increases.

b) It’s the nickname an automated ‘push-back’ document that buyers use when suppliers ask for increases. It prevents unsupportable price increases by insisting suppliers show how changes to their input costs support their request for higher prices.

c) It’s the nickname for a standard letter sent to suppliers after the first round of negotiations, explaining that you expect suppliers to hold prices constant for a fixed period of time (usually 1 to 2 years) in return for a guaranteed volume commitment and/or other negotiated concessions, such as longer lead times, fewer requests for production changes, etc.

Not the best response

This is a similar idea (and a good one). The correct answer is b). An anti-foo-foo letter insists suppliers show how changes to their input costs support their request for higher prices.

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Not the best response

This certainly can be a good negotiating tactic but is not the anti-foo-foo letter. The correct answer is b). An anti-foo-foo letter insists suppliers show how changes to their input costs support their request for higher prices.

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8. What is the best way to handle unexpected demands for price increases?*

a) Never agree, on the spot, to something you haven’t had time to think about. If pressured, push back politely. Decline to make a decision on the spot by saying something like you have to defer to higher authority, or you need to sleep on it (then do your homework!).

b) Send out letters annually to all suppliers stating increases will only be considered upon a minimum of 60 days’ notice.

c) Refuse to even discuss increases without the supplier, at the same time, providing solid supporting written documentation.

Correct

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Correct

You are correct; a) is also a correct answer. Please click Continue for the next question. Continue >>

Not the best answer

This is a good idea but may not give you enough time analysis time before making a decision. There are two correct answers to this question: a) and b).

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9. Where is the best place to look for cost-saving opportunities when working with suppliers?*

a) Look for operational improvements that result from optimizing your ordering practices (lead times, quantities, etc.) which will, in turn, allow the supplier to save labor and run his equipment more efficiently.

b) Encourage your supplier to invest in better processes and technologies that reduce labor costs and increase production rates. Offer incentives such as long-term contracts and guaranteed volumes that help him earn a good ROI and justify his investment.

c) Invite your suppliers’ operations and engineering staff to tour your facilities to see how you currently consume and process the products you buy from them. Ask them for ideas on how to reduce costs and improve your processes.

Not the best response

This is certainly a good idea but not the best idea.

The correct answer is c). The best cost-savings ideas are usually found inside the heads of your suppliers’ operations, planning, and engineering staff. First, they have deep technical knowledge of their products and can often suggest improvements to specifications that will save money. Also, they have the advantage of seeing how their products are processed by other customers and can share the best ideas.

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Not the best response

b) This is certainly a good idea but not the best idea. c). The best cost-savings ideas are usually found inside the heads of your suppliers’ operations, planning, and engineering staff. First, they have deep technical knowledge of their products and can often suggest improvements to specifications that will save money. Also, they have the advantage of seeing how their products are processed by other customers and can share the best ideas.

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Correct

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10. Which set of the tips below are best to keep in mind when managing a cost-savings project with a supplier?*

a) Choose projects (especially early ones) that have a high probability of success. 2) Jump in: don’t over plan: a bias for action and the ability to adapt as the project unfolds work best. 3) Once the project starts, constantly communicate with and encourage all participants. 4) Make sure to publicly give full credit to others.

b) Choose projects with high financial returns to ensure senior management actively supports your group’s efforts. 2) Make sure you have a commitment from each participant to devote a minimum amount of time to the project. 3) Once the project starts, constantly communicate with and encourage all participants. 4) Make sure to publicly give others full credit.

c) Take enough time to plan properly: getting the details right is important to success. 2) Make sure you have a commitment from each participant to devote a minimum amount of time to the project. 3) Choose projects (especially early ones) that have a high probability of success. 4) Make sure to publicly give others full credit.

Correct

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Not the best response

The correct answer is a).

b) It’s most important to choose projects that are likely to succeed. That said, if two projects have similar odds of success, choosing the one with the bigger payback is clearly best. Also, if you try to get everyone committed to specific amounts of time, before a project begins, you may never get out of the planning stage. The good news is that, once a project starts to gain momentum and enthusiasm, people naturally want to contribute and will figure out, on their own, how to make the time needed.

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Not the best answer

The correct answer is a)

c) Some planning is needed of course, but detailed plans usually don’t work because of the many variables involved. Project participants all have full-time jobs, which can exert unpredictable pressures and priorities. Also, if you try to get everyone to commit to specific amounts of time before a project begins, you may never leave the planning stage. The good news is that, once a project starts to gain momentum and enthusiasm, people naturally want to contribute and will figure out, on their own, how to make the time needed.

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11. When choosing suppliers to partner with on share-the-savings projects, the most important decision criterion is that they: *

a) represent a large portion of your total spend so that any savings achieved are likely to be financially significant.

b) are willing to let their seasoned operations, planning, and engineering staff participate on the team.

c) have demonstrated a willingness to embrace cost transparency: i.e. they are open to sharing their input costs and, more importantly will adjust the prices they charge, as their input costs change.

Not the best response

The correct answer is c

Maximizing financial returns is certainly important, but the most important criterion is cultural: a propensity to be open and fair with their customers. This fosters trust and enthusiasm amongst team members that, in turn, nurtures innovation and success. And the best test for openness and fairness is a supplier’s willingness to embrace cost transparency.

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Not the best response

The correct answer is c.

It is clearly important to have seasoned participants from your supplier’s side, but unless they are willing to make the time and openly their share ideas, the knowledge they have will likely not be shared. The most important criterion is cultural: a propensity to be open and fair with their customers. This fosters trust and enthusiasm amongst team members that, in turn, nurtures innovation and success. And the best test for openness and fairness is a supplier’s willingness to embrace cost transparency.

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12 of 20

12. What is the best thing to do when a sales rep is behaves badly (i.e. aggressive, high-handed, stubborn, impolite, etc.)? *

a) Ignore their behavior and certainly don’t take it personally. Focus on what’s important to you and your organization, namely: a good deal at a fair price.

b) Explain that you expect to be treated as you as you treat them - with respect. And, while you may not agree on some things, that’s no reason to bully or behave badly. If they don’t stop their bad behavior, send an email to their manager asking that they send another rep who knows how to act respectfully, even if there is disagreement.

c) Refuse to deal with them: politely ask them to leave and to come back, at a later date to be determined.

Not the best response

The correct answer is b.

Taking the high road is always a good idea and is a good tactic, if you can, indeed, make a good deal at a fair price with a bully. But, if you can’t (or you just want to stop the bad behavior) then option b) is the best approach.

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Not the best response

The correct answer is b.

While this is a natural response when being bullied, delaying a confrontation does not solve the problem. The correct answer is b) The sales rep’s superior will be upset because, not only is the sales rep’s behavior tarnishing the company’s image, they are clearly not doing their job because you are not buying.

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13. What is a Raw Material Cost Index, and what is it's most important use?*

a) It is a statistic published by the U.S. Department of Commerce that measures the average aggregate effect of commodity price fluctuations on manufacturing costs. Its most important use is to measure inflationary (and deflationary) pressures on the industrial sector of the U.S. economy.

b) It is a statistic developed by a company’s own procurement department (often working with finance) to show how commodity price fluctuations affect a company’s overall production costs. The most important use is to predict and explain budget cost variances for purchased materials.

c) It is a statistic published by Bloomberg (similar to the U.S. Dollar Index) that measures the combined effect of cost changes for a basket of key raw materials (e.g., corn, steel, copper, lumber, crude oil, etc.). Its most important use is to measure cost pressures on American manufacturers.

Incorrect

Sorry this is not the correct answer. The correct answer is b – it is a statistic developed by a company’s own procurement department.

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CORRECT

Correct

Incorrect

Sorry this is not the correct answer. The correct answer is b – it is a statistic developed by a company’s own procurement department.

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14 of 20

14. What main advantage do sales reps have at the negotiations table and what is a buyer’s best defense?*

a) Sales reps are often better trained and informed than procurement. Most companies invest heavily in training their salesforces to succeed in negotiations. Unfortunately, when it comes to training procurement professionals, similar corporate investments are often lacking. A buyer’s best defense is to accept this reality and find ways to close the gap. For example, taking a short sales training course can help buyers recognize and deflect standard sales tactics. In addition, tracking changes to suppliers’ raw material costs will help counter demands for unsupportable price increases.

b) Sales reps have narrower product responsibilities and, therefore, can be more focused. They usually sell only a limited number of products or categories. Buyers, on the other hand, are usually responsible for a wide range of products. Simply put, buyers don’t have as much time to prepare for negotiations. A buyer’s best defense is to find time-efficient ways to level the playing field. One of the best approaches is to build simple should cost models that are tied to the supplier’s raw material costs and make them the centerpiece at the negotiating table.

c) Both of the above answers are correct. Sales reps usually enjoy these two advantages and buyers need to prepare a defense for both.

Not the best response

The correct answer is c.

Actually there are two correct answers – both a and b.

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Not the best response

The correct answer is c.

Actually there are two correct answers – both a and b.

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15. What is your best move if a supplier says your data doesn’t accurately reflect what they pay for raw materials and rejects your argument for a price increase?*

a) Don’t dispute their claim (at least right away). Ask for data. Ask to see what has actually happened to their costs since the last time you negotiated prices. Since you are providing specific numbers, it is only fair that they do the same. Most of the time you will find that, while the numbers themselves differ, the cost-trend direction WILL BE THE SAME. And, of course, it’s mainly the direction that counts when negotiating pricing.

b) Don’t dispute their claim immediately. Ask for data on what has happened to their costs since the last time you negotiated prices. Since you are providing specific numbers, ask that they do the same. If the cost-trend direction they provide is NOT THE SAME, then ask for their sources. If they provide reliable sources, the differences will almost certainly be in the timing of reporting changes, and timing issues are easy to resolve. If they will not provide sources, claiming their raw materials are specialized and not commonly tracked commodities, then ask them to provide the specific material differences (alloying metals, additives, processes, etc.). Then build a should cost model that includes these differences. It is extremely unlikely that these differences are significant enough to change the cost-trend direction.

c) Both a) and b) above are correct, depending on the data your supplier presents.

Not the best response

The correct answer is c.

This answer is correct only when your supplier agrees with the cost-trend direction you are presenting.

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Not the best response

The correct answer is c.

This answer is correct only when your supplier does not agree with the cost-trend direction you are presenting.

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16. My should cost model shows my supplier’s costs for a product or category are significantly up, but they haven’t asked for an increase. What is the best thing to do?*

a) Don’t say anything. Your job is to look after the best interests of your own company, not your supplier’s, regardless of the type of relationship you have (or want to have). Encouraging a needless price increase is certainly not in your company’s best interest.

b) This could be a tell – a sign you have been paying too much all along. Silence implies your supplier might prefer to let sleeping dogs lie and not draw attention to the price. If the total spend on this product or category is significant, you should consider going to market with a competitive bidding event (e.g., RFQ) to establish a valid ‘market price’.

c) It depends on the type of relationship you have (or would like to have) with this particular supplier. If they are a potential ‘preferred supplier’ (i.e., one you want to work with cooperatively to drive down costs and share savings) then let them know that it appears they missed an opportunity to ask for a supportable price increase. This will build trust.

Not the best response

The correct answer is b

Unfortunately, this option may be unavoidable because of your organization’s corporate culture.

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Correct

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Not the best response

The correct answer is b.

This option, while it sounds good in theory, may not be in your organization’s best long term interests.

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17. When a supplier uses higher overheads as the reason to raise prices, the best response is:*

a) Ask for specific reasons why their overheads are up, such as: a) Lost business - sales down, running fewer shifts; b) Lower productivity - aging equipment or facilities; c) One-time problems - re-calls, strikes, product quality, legal issues. Your rep will likely become very uncomfortable and drop the subject.

b) Say that it is their company’s responsibility to control overheads. Explain that your ‘preferred suppliers’ never ask for increases based on higher overheads. They are continually reducing their company’s overheads by driving down costs and driving up throughput. In fact, their overheads usually decrease over time, and they become more profitable.

c) Ask them to quantify the specific overhead cost increases explain exactly why they are up (e.g., administrative, sales and marketing, manufacturing, etc.). Consider showing the figures they provide to colleagues in your finance department and asking for input. Never agree to an increase that cannot be corroborated and properly cost justified.

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Not the best response

The correct answer is a.

While this is certainly a good answer it is just not the best.

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Not the best response

The correct answer is a.

While this is certainly a good answer it is just not the best.

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18. What is the best way to demonstrate to superiors you are an effective price negotiator?*

a) Make a point of keeping abreast of new tools and techniques in procurement by regularly attending courses and webinars. Keep track of successful savings and cost avoidance initiatives. Make sure management is aware for your credentials, educational background, and relevant experience

b) Build should cost models for the major products (or product categories) for which you negotiate prices. Throughout the year, keep track of actual negotiated costs on relevant should cost model graphs. If you have kept actual costs in line with the model, this shows you have successfully prevented price creep and performed in the top 2% of the profession. If you beat model’s figures, you have demonstrated performance in the top 10% of this 2%.

c) Beat the budget and make sure to keep records to show your supervisor at performance evaluation time. When you come in higher than the budget (which is bound to happen sometimes), make sure you are well prepared to explain the reasons. Be specific about any unexpected events that occurred in the marketplace that were not foreseeable when the budget was done.

Not the best response

The correct answer is b.

While this certainly a good idea, it’s just not the best one.

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Not the best response

The correct answer is b.

While this certainly a good idea, it’s just not the best one.

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19. Aside from preventing price creep, what is the second most important benefit of introducing selling price models and cost transparency into negotiations?*

a) Data-driven negotiations allow you to establish less stressful, more productive relationships with suppliers. Negotiations become focused on numbers, not tactics and ploys. The whole negotiating process becomes more streamlined, freeing up precious time for other important work (for both you and the sales rep).

b) Introducing should cost models into negotiations allows you to separate suppliers into two camps: 1) those who will embrace cost transparency and 2) those who will not. The best supply chains (robust, enduring, and low-cost) are populated by type 1 suppliers. These suppliers are the best candidates for engaging in successful joint savings projects.

c) Both a) and b) are correct. Both are important. Which particular benefit is most important will vary by person, depending on their job responsibilities and career objectives.

Not the best response

The correct answer is b.

This is certainly a very important benefit, just not the second most important.

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Not the best response

The correct answer is b.

Identifying competent suppliers who are willing to embrace cost transparency is fundamental to the successful creation of low-cost, robust supply chains.

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20. Where are you most likely to find the best cost savings opportunities for the components and products you purchase?*

a) Your current suppliers – the experience and knowledge that resides in the heads of their quality experts, engineers, and operations management can be invaluable. They have been exposed to a wide range of processes and manufacturing practices that their other customers employ. They know a lot about the world outside your organization. A savvy procurement professional taps into these resources, often by organizing and managing joint savings projects.

b) Global procurement consultants - In today’s global marketplace, it is difficult for anyone, or any one company, to stay abreast of all available suppliers, their capabilities, and individual strengths and weaknesses. For many products groups, especially high labor content ones or ones requiring intensive investment in technology (like electronics), using a competent global consultant to create a shortlist and even manage the bidding process can lead to the best cost solution.

c) Your own engineers and product designers - Savvy procurement professionals organize and manage internal ‘continuous improvement’ projects aimed at reducing costs of purchased components and products. Examples include down-gauging to reduce raw materials, simplifying design to improve supplier production rates, and order quantity optimization to minimize set-ups and minimize packaging and freight costs. Focusing on projects that can be initiated and controlled internally (i.e., do not require coordination with outside resources) is a tried-and-true best practice for achieving cost savings.

Correct

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Not the best response

The correct answer is a.

While this can be a good idea, it is not the best one.

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Not the best response

The correct answer is a.

While this certainly a good idea, it’s just not the best one.

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Your score is: /20

Hope you found doing this exercise a good use of your time. Please click SUBMIT to record your results.

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Best of luck at the negotiating table.

Rod Sherkin