The position format is the way your GPS position is displayed on the watch. All the formats relate to the same location, they only express it in a different way.
You can change the position format in the watch settings under Navigation » Position format.
Latitude/longitude is the most commonly used grid and has three different formats:
Other common position formats available include:
Suunto 5 also supports the following local position formats:
Some position formats cannot be used in the areas north of 84° and south of 80°, or outside the countries that they are intended for. If you are outside the allowed area, your location coordinates cannot be displayed on the watch.