Say I have 12 and have to factorize it in 2 factors.
Now possible factors are
1, 12
2, 6
3, 4
Now 3,4 is such that value of maximum factor i.e. 4 is minimized among all pairs.
How to find the solution in generic case where a number N is to be divided in K factors minimizing maximum value.
You want your factors to be as close as possible to $N^{1/K}$. For your example of $12348000=2^5×3^2×5^3×7^3$ split into $3$ factors, we have $12348000^{1/3}\approx 231$. The smallest factor above $231$ is $240$, so we can start there. $\frac {12348000}{240}=51450=210\cdot 245$, so our desired factorization is $210\cdot 240 \cdot 245$. This is clearly the best possible because $240$ and $245$ are the factors just above the cube root. For other numbers you may have to hunt around more because the factors near the cube root contain the same prime factor and interfere with each other. Here you might be tempted to see the $5^3 \cdot 7^3$ and put $35$ into each factor. This would result in $210 \cdot 210 \cdot 280$, which is inferior. It gets harder as $K$ and the number of prime factors of $N$ get larger as there are more possibilities to check. If there are a couple large primes you can start by putting one into each factor then doing the best you can with the small ones to even things out.
Added: a recursive program could look something like this:
Input is $N, K$
Factor $N$ into prime factors
List all the factors of $N$ in increasing order
Compute $N^{1/K}$
Find the factor equal to or just above $N^{1/K}$. Call it $f$ Call the same routine with $N/f, K-1$ If the minmax factor returned is less than or equal to $f$ we are done. Return $f$ as the minmax factor. Else increase $f$ to the next larger factor and repeat.