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Understanding Factor Analysis for Marketing Research

Learn the purpose, applications, and technical details of factor analysis in marketing research. Identify basic ideas, detect structure in relationships between variables, reduce data variables, and create perceptual maps. Explore types and steps of factor analysis.

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Understanding Factor Analysis for Marketing Research

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  1. Dr. Ahmad Syamil Advance Statistical Method CIT 6093 ARKANSAS STATE UNIVERSITY Department of Computer & Information Technology Fall 2005 Chapter Eleven

  2. OBJECTIVES • FACTOR ANALYSIS • PURPOSE • APPLICATIONS • TECHNICAL DESCRIPTION • TYPES • STEPS

  3. FACTOR ANALYSIS Purpose… • Identifying Basic Underlying Ideas • Detect Structure in the Relationships Between Variables • Data Reduction • Reduce the Number of Variables • Interdependence Versus Dependence Analysis Cont’d…

  4. FACTOR ANALYSIS Applications in Marketing… • Identify the Relevant Attributes Consumers Use to Evaluate • Use Quantitative Marketing Research Techniques (such as surveys) to Collect Sata • Input the Data into a Statistical Program and Run the Factor Analysis Procedure • Use Factors to Construct Perceptual Maps

  5. FACTOR ANALYSIS Technical Description • Types of Factors • Common Factors • Specific Factors • Types of Factor Analysis • Principal Components Analysis • Factor Analysis Cont’d…

  6. FACTOR ANALYSIS Technical Description • Steps • Calculation of a Complete Table of Intercorrelations • Extractions of Common Factors • Rotation of Common Factors • Interpretation of Common Factors • Development of a Single Factor Score

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