Hey, I'm a 4th year business student from Ireland and I'm currently studying for my finals so I thought I'd share some theory with you ;)
For those who don't know what group mapping is, it is a strategic tool used to determine the market position of a company compared to other companies in the same industry.
It can be very useful when trying to determine who your business is directly competing against and allows you to tailor your strategy to gain a competitive advantage over them; after all it's the business that is one step ahead that the consumers will lean towards.
Group Mapping can also be a useful tool for start-ups, especially for highly dominated industries, it is hard for a start-up company to enter such a market without having a niche target market that they can specialise in. Even Apple had to change their strategy to focus on a niche market before they became as successful as they are today.
So for entrepreneurs out there creating business plans or developing an existing business, I urge you to try this simple but powerful tool to understand what your strategy needs in order to succeed.
To the moooon
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