Economics and sociology are very important for businesses to understand as the relationship helps explain how consumers will think and behave.
- The study of sociology is an in depth look at the habits and behavior of people. When studied alongside economics, retailers and businesses can study how individuals spend their money by looking at consumer spending habits.
- Another aspect of this is looking at how consumers pay for goods. For example, do they take out a credit account, pay for it in cash or buy it over the Internet. By analyzing these aspects of spending, businesses can then focus their efforts on delivering services and products their consumers want.
- The level of an individual or family income within the study of sociology is known as socio-economic status. By looking at this aspect, businesses can study how much disposable income an individual is spending on particular goods or services.
- Looking at these areas also help predict the type of brands or services a particular individual might choose when faced with a number of choices.