Factor Analysis
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Factor analysis is a method aimed at discovering the many factors which may potentially be hidden behind each variable.
It is often used in the analysis of consumers' life styles or brand images. When there are many questions or items in a survey, there is the possibility that some of the answers will be wrong, as some people will simply answer according to their natural whims. However, there is usually some sort of general pattern to the responses. Factor analysis is one method of explaining these patterns. The goal is to discover those factors which one can not know about before executing the survey, yet which have a great impact on the results. In factor analysis, it is necessary to make the following judgements based on the survey results: |
| (1) According to each factor, to what extent can we explain the given data? |
| Here we check on each factor's contribution to the overall results. |
| (2) What is the meaning and relevancy of each factor? |
Here, we determine how much each factor relates to the questions at hand, or in other words, it's relevance. At this stage, we also give each factor an appropriate name.  |
| (3) To what extent is each individual in possesion of the various factors? |
Here we consider each individual's viewpoint. From this point it is possible to segment the respondents according to a factor axis.
It is necessary to undergo debate about which factors should be used in order to segment practically and efficiently.  |
| The goal of factor analysis is to develop a hypothesis and, as such, the deep discussion of survey results is what gives factor analysis meaning. |
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