Cepheus is a lunar impact crater that is located in the northeastern part , within one crater diameter of the larger crater Franklin to the southeast. To the north-north-east is the flooded crater Oersted. The proximity of this formation to the lunar limb means it appears oblong when viewed from the Earth due to foreshortening. This is a young formation, and the rim is still sharp and well-defined. (wikipedia entry)
A crater is a circular depression likely created by an impact event. On the Moon they are named after deceased scientists, polar explorers, astronauts or cosmonauts.