APPLICATION OF ECONOMETRICS IN MARKETING AS A SIGNIFICANT TOOL OF BRANDING IN THE CONTEXT OF DATA ANALYSIS, MINING AND MUTUAL DATA CORRELATIONS

Statistical analysis of obtained consumer data of various kinds is a fundamental factor for marketing researchers dealing with research based on the selection of a representative sample of interest, whose characteristics are derived from the characteristics of the sample. Along with the development of marketing has also incredibly increased demand for ever more sophisticated statistical techniques that would allow more and more meaningful analysis of the growing number of existing and obtained consumer data. A more sophisticated analysis, however, were relatively recently limited to specific type of variables. Performing statistical analysis was partially restricted by the requirements for normal distribution of variables and their cardinal character, since a large majority of data variables received by marketing researches had an ordinal or even nominal character, so naturally having a categorical variable type that usually cannot be analysed using standard statistical methods. The aim of this research paper is the methodological demonstration of factor analysis as an econometrics tool used in marketing for consumer branding in the processes of data analysis, mining and their correlations.