Repositioning refers to the major change in positioning for a brand or product. To successfully reposition a product, your company has to change the target market’s understanding of the product. Some companies consider repositioning a product due to declining sales or due to major shifts in the environment. Many firms choose to launch a new product or brand instead of repositioning because of the huge effort and cost required to successfully implement change. You may find it beneficial to hire a professional to help you cover all bases when repositioning your business.