The concept of strategic groups is relevant to industry and competitive analysis because: strategic group maps help identify how each competing firm is positioned and the relationship to their closest competitors.
What is the concept of strategic Groups?
The concept of strategic groups is relevant to industry and competitive analysis because: strategic group maps help identify how each competing firm is positioned and the relationship to their closest competitors.
A strategic group consists of those rival firms with similar competitive approaches and positions in the market. The identification of strategic groups within an industry enables the competitive structure of the industry to be redefined to compare strategies of various competitors for similarities and differences.
Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process”.
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