I have this shapefile and I want to re-align the selected polygon (See image below) to the shapes of the other polygons. I tried using the "edit tool" but it's not producing a good result. What would be a precise alternative?
Two possibilities. The picture you have there seems like a movement with the correct scale and form already. That can be done by finding the exact displacement and moving it back via the "move" delta x/y from the editor options. Measure the distance and use for example good old pythagoras or some tool to get the delta x/y.
The second possibility includes different transformations (form or scale might change a bit as well in many cases). You can find the different possibilites in the "spatial adjustment" toolbox. Its done via setting displacement links that can be drawn from segments from the moving feature to the according segments of the surrounding.