What does the term 'marketing' refer to in the context of financial literacy?

In the context of financial literacy, the term 'marketing' refers to the process of evaluating the value of a product or service to customers. This involves understanding consumer needs, preferences, and behaviors to determine how a product or service fits into the marketplace. By assessing value, businesses can effectively position their offerings, communicate benefits to targeted audiences, and ensure that they meet customer expectations.

This understanding is crucial for financial literacy as it enables individuals and businesses to make informed decisions about investments, product development, and market strategies, ultimately impacting their financial success. Evaluating customer value is fundamental to creating effective financial plans and strategies that resonate with consumers, leading to sustainable business growth.