The consumer perception of a product in relation to its market competitors. The company behind the product can attempt to manipulate this position. There are various strategies involved in Market Positioning;

Re-positioning describes altering the character of a product, in relation to the character traits of competing products in the collective perception of the target audience.

De-positioning is an attempt to alter the characteristics of competing products, in the collective perception of the target audience.

See also:
Market entry
Market attractiveness