If you name a location "Default" or "General" or something non-descript like that, you can add numerous different places, and then when you're at those places, just select the group settings that you want to apply at the time.
For instance, instead of setting "Meeting Room 1" and "Meeting Room 2"; name both of the locations "Meeting Room" and then select the group each time you're in the meeting based on what the text of the meeting is! (e.g. "Products", "Customer Data" etc.)
Location-aware Macbook Settings • Andrew J. Freyer