Naming your business A good name needs to be: · meaningful · memorable · futureoriented · protectable · positive · visual Types of names: Founder Use name of founder such as Charles Schwab, Merck or Dell. Descriptive The name accurately conveys the nature of the business. The benefit of a descriptive name is that is clearly communicates the intent of the company. The potential disadvantage is that as the company grows and decides to diversify, the name may become limiting. Also, some descriptive names are difficult to protect since they are so generic. Fabricated These names are made up such as Exxon, Kodak, or Xerox. The advantage is that they are easy to copyright. These names are distinctive, but require an explanation of the services. Metaphor Names that are things, places, people, animals or processes. The names are interesting to visualize and often can tell a good story, such as Oracle, Nike, or Sprint. Acronym These names are more difficult to remember, difficult to copyright and hard to look up in the phone book. IBM, GE, AARP, DKNY, CNN they only were used as acronyms after the full name was used. Combinations Cingular Wireless, Citibank or Templeton Funds.
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