Explanation:

The term, "repositioning," refers to the process of changing a target market's understanding or perception of a product or service. A product's positioning involves what customers think about its features and how they compare it to competing products. Therefore, repositioning involves completely altering how the target market perceives the product. Repositioning is often a challenge, especially for brands that are well known to the public.

Companies choose to reposition products for a variety of reasons. If a product is performing poorly or causing the company to lose money, it may be cost effective in the long term to reposition the item or service. If there has been a major shift in cultural trends or the economy, it may be necessary to reposition a product to make it more relevant.

In some cases, companies find it easier and cheaper for the brand to discontinue the product and launch a new one instead. Whether or not repositioning is the best strategic choice depends on the company and its circumstances.