Position chin reshaped to point (5)
I believe the answer is:
niche
'position' is the definition.
(niche is a kind of position)
'chin reshaped to point' is the wordplay.
'reshaped' is an anagram indicator.
'to point' becomes 'E' (E is an example).
'chin' anagrammed gives 'nich'.
'nich'+'e'='NICHE'
(Other definitions for niche that I've seen before include "market area for specialists" , "Small corner of e.g. market" , "Well-suited position" , "Recess in wall for statue" , "Suitable spot" .)