Strategic positioning refers to the process of establishing a brand or product in a specific place within the market. This involves identifying target customers, understanding competitors, and determining how to differentiate offerings. By effectively positioning itself, a company can create a unique identity that resonates with consumers and meets their needs. A successful strategic positioning strategy often includes elements like pricing, quality, and customer service. For example, a luxury brand may focus on high-quality materials and exclusive experiences, while a budget brand might emphasize affordability and accessibility. Both approaches aim to attract and retain a specific audience in a competitive landscape.