Final answer:
True, product position reflects consumers' perception of a product's features compared to competitors, including physical aspects and location. It's crucial for creating a differentiated market offering leading to monopolistic competition.
Step-by-step explanation:
The statement is true; product position is indeed the consumers' perception of a product's attributes in comparison to those of competing brands. This encompasses not just the physical aspects of a product, like its design, features, and quality as advertised, but also its location and ease of access, which can significantly impact customer preference and choice.
Product positioning is a strategic marketing decision and is instrumental in how a product is perceived in the market. Features such as an unbreakable bottle, nonstick surface, or freezer-to-microwave convenience, as well as a strategic location like a gas station at a busy intersection, can create a differentiated product offering. This differentiation can lead to monopolistic competition, where a variety of products exists, each with its own perceived benefits.