Relationship management is often considered a crucial business function that not only ensures the longevity of business operations but also promotes overall popularity and goodwill. This relationship is often controlled by the managers working with a business organization. Establishing contracts with suppliers, clients and maintaining a smooth relationship with them is the sole responsibility of the vendor managers, who hold a vital and critical designation in an enterprise.
Vendor managers often get a huge level of respect and salary that is often accompanied by lucrative benefits and incentives. This is the primary reason why even a small number of job openings attracts a high number of applications. Thus, this article aims to prepare you for the rising level of competition by giving you twenty-one unique interview questions that have a high chance of appearing exactly in your interview session.
21 Best Interview Questions To Study
1. What Is An Item Rate Tender?
This question aims to test your knowledge and understanding of the various types of floating tenders.
Sir, an item rate tender is a type of obtaining quotations from interested vendors. In this type, managers usually prepare an excel sheet, and the vendors are supposed to enter the rate (above or below the percentage) for each item. This is a more detailed level of quotation and is obtained to verify rates individually.
2. Always Considering The Lowest Bid Can Be Sometimes Detrimental. Comment On This Statement.
This question aims to test your knowledge and understanding of the entire tendering process and its pros as well as boons.
Sir, I completely agree with this statement. There are always bidders or vendors that strategically place the lowest bids, which are far too below the normal, only to obtain the tenders. These vendors usually compromise upon the quality and deliver products or services that are sub-standard. Thus, an organization must not blindly consider the lowest bid, rather also check the goodwill of the vendor in the market.
3. What Do You Mean By “Capacity” Of A Vendor?
This question aims to test your knowledge of the different aspects related to the selection of a vendor.
Sir, vendor capacity is simply the ability as well as the potential of a vendor to meet and satisfy the requisite requirements as well as terms and conditions mentioned in the tender agreement. For example, if an organization needs a monthly supply of 500 tons of steel, then the vendor to be selected must have this much capacity as well as potential. If a vendor does not have the ability to satisfy the requirements then it must not be selected, no matter if its bid is the lowest.
4. When Do You Apply Sanctions On Vendors?
This question aims to test your knowledge of the different aspects related to the management of vendors.
Sir, sanctions or restrictions can be applied upon vendors, in three situations, which are:
- Inappropriate or sub-standard quality of material supllied
- Inability of the vendor to meet the target requirements
- Engaing into any unethical activity such as bribing of officials, supervisors, etc.
5. Name The Various Vendor Management Software That You Have Used?
Everything moves in and around technology, without which no company can manage its business affairs. Vendor management also uses a variety of different software, which can be used for effective and efficient management of the vendors. You are expected to have knowledge of at least the prominent management softwares that are prevailing in the market.
Sure, sir, these are:
- SAP Fieldglass
6. An Inappropriate Vendor Can Affect The Company Processes. Please Throw Some Light On This Statement.
This is a tricky interview question and through this, an interviewer wants to know what are the various effects that the selection of an inappropriate vendor can have upon the business carried out by the company.
Selection of a vendor who either lacks the quality or the potential can have serious impacts upon the business activities that are undertaken by a business organization. With decreased input of raw materials or the inability of the company to receive proper services, an organization can not simply produce goods on time and would fail to deliver both time utility as well as place utility. Thus, serious efforts must be made and stress must be laid, to acquire and appoint only those vendors who are capable as well as have the ability to deliver quality products or services.
7. Why Should Vendors Attend Company Programs and Trainings?
There are frequent training and developmental programs initiated and organized by the company, especially for its vendors. Though this question an interviewer wants to know, what in your opinion is the importance of these programs.
Sir, business organizations operate in a dynamic business environment and have to face a lot of challenges in the form of political factors. socio-economic issues, legal factors, etc. In my opinion, it is necessary for the vendors of the company, at least the major ones, to attend the training programs and understand the latest business trends, so as to alter as well as modify the supply abilities accordingly. After all, adopting quickly and moving with the pace of the world, is always beneficial.
8. Rate Your Communication Skills On A Scale Of One To Five.
Communication plays an important role, thus answer this question positively.
Sir, based on my work experience and a certificate course in communication, I would like to rate myself a 4.8.
9. Define The Role Of Vendor Management In A Single Word.
This is a tricky interview question that requires you to summarize your entire profession in a single word.
Sir, It is “Calculative”.
10. How Do You Establish Supply Requirements To Be Mentioned In Tenders?
This question aims to test whether or not you are aware of the duties and tasks, which are a part of your profession.
Sir, these requirements are designed by the purchase manager and extended to the vendor manager.
11. What Is An Ideal Team In Your Opinion?
Business organizations nowadays prefer to work in a team environment which not only enhances productivity but also improves the engagement rate. Through this question, an interviewer wants to know, what in your opinion is the ideal team culture, that is, what are the specific qualities that you would like your team members to have. In case you are wanting answers, please refer to our famous article, which covers this interview question completely.
12. Vendor Manager Has To Work Under A Lot Of Stress. Are You Up For It?
Business organizations operate in a dynamic environment and have to face a lot of challenges and deal with tough situations. This pressure ultimately gets transferred to its employees and these have to work in a hectic working environment. This is a common requirement and we advise that you answer this question in a positive manner. In case you are still confused or do not have words for this question, please refer to our targeted post which will give you ten unique sample answers for this interview question.
13. What Do You Mean By “Quality”?
This is a tricky interview question and an interviewer asks this to understand what is quality or how much does quality matters to you. It could be anything from the satisfaction of customers to achieving the goals and objectives in a time-bound manner. Whatever it is, just share it with your interviewer. For in-depth preparation and to improve the quality of your answers, read our exclusive post.
14. How Do You Handle Project Failures?
Projects are something that is pretty common in the life of a vendor manager. In your entire carer, you will be required to work on short as well as long projects. Success is not a guarantee and there will be instances when you will just face failure. Your attitude and perception, as well as the manner in which you handle your failure, will be tested by this interview question. For better insights and preparation, refer to our exclusive post, which covers this interview question completely.
15. How Do You Prefer To Work – Independently or In A Team?
This is trickery at its best. Whatever side you choose there will be questions on your ability and credibility. If you choose “independent” then you will be seen as an individual who is not able to maintain harmony with his colleagues, and on the other hand, if you choose “teamwork”, then you are simply a person who can not work under minimum supervision and guidance. Thus, always prepare for this interview question through our exclusive post which will give you ten unique sample answers for this interview question.
16. What Is Your Prioritization Technique?
There will always be multiple business tasks that you will be supposed to execute in your normal working day. These tasks must be managed and prioritized so that they are executed efficiently in a time-bound manner. For this, you need to have an effective prioritization technique. In case you are still wondering or have not adopted any prioritization technique, please refer to our famous post, which will guide you throughout the process.
17. What Motivates You To Work?
Everyone is motivated by a few things in life. These motivational factors prompt them to work hard at their workplace and execute their business tasks in a time-bound manner. An interviewer through this question aims to understand these factors which majorly relate to your personal conditions, financial situations, or desires. Just avoid all the generic answers and give an original reply. Refer to our exclusive post for better and deep preparation.
18. What Are Your Strengths As Vendor Manager?
An interview session is almost incomplete without a strength-weakness-related question. This is the most frequent and most asked interview question which marks its presence in almost all the interview sessions held across the world. Through this question and interviewer wants to know, what are some of the major strengths, that closely relate to you. As an ideal response always conduct a self-scrutiny of yourself and then make a written report, to ensure that you are giving an original answer. For better preparation and insights, please read our famous article.
19. Why You Chose Us?
It is common for an interviewer to check your level of commitment as well as seriousness towards the business organization you sought to work with. Through this question, an interviewer wants to know, what really excites you or attracts you towards the business organization. The official website of the company is the best source to prepare for this question and you can note relevant information and facts by browsing through it. Prepare sincerely for this question by referring to our exclusive post.
20. When Can You Start?
This question does not guarantee selection, rather just simply aspires to know about your expected date of start. Through this question, an interviewer wants to when you can join them and start working with them. Even though immediate starters are preferred, you are advised to always share a genuine reply. Prepare in-depth for this interview question by referring to our famous article.
21. Do You Have Any Questions For Us?
It is common for interviewers to ask this question towards the fag end of an interview session. This question requires you to ask a few questions from your interviewer which are related to the organization, its working culture, the work timings, etc. If you are planning to skip this question, beware, as this activity can reduce your chances of selection considerably. You can always ask a few questions from your interviewer on the basis of the model questions mentioned below:
- What are the work timings adopted by the organization in various shifts?
- Please share the list of all the incentives and allowances offered by the company to its employees.
- Is it the policy of the company to offer paid leaves to its employees in cases of maternity/paternity or any other medical emergency?
Prepare sincerely for this interview question and finish your interview session in style by referring to our expert post which will thoroughly guide you as to how you can properly finish your interview session.