A researcher needs to determine how many factors should be generated from a Factor Analysis and used in the report and future analyses. However, the most important criterion determining the number of factors is the factor meaningfulness. Finally, by careful comparison, we selected the 7 factor result because it generates a more meaningful solution. The result from a Factor Analysis should be meaningful and actionable. To name a factor is more of an art than a statistical task.
Some factors are easier to name than others.
A Cluster Analysis is a standard technique often used for segmentation study. Usually people conduct a segmentation study based on PRE-determined segments. It is inappropriate because such bivariate segmentation is unable to discover the segment structure of a market. There are other segmentation techniques. Latent Class Analysis is one of them.