Positioning is the process of creating a product or brand image within a target market as well as in the target audience’s mind.
In other words, it's where your product/brand stands in the market and how you differentiate yourself from competitors.
The key elements of strong product positioning strategy are
- Target market (including specific category/niche)
- Brand promise regarding the customer needs
- Brand identity, values, and mission.
A positioning statement is an internal document that describes how exactly your product or service fills a particular need within its target market.