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The introduction of a business entity to prospective customers and
staff, and to humanity as a whole, is always done first by the name, hence
rationally, the first aspect of focus is the name given to venture
entity, and as every advise suggests a good name is always
helpful and effective for company-image marketing.
Naturally then, the first concern is to define the name that should
be given to the entity, and careful analysis of the names of most
businesses seem to elicit an implicit rational approach even if not
so obvious to even some of the entity founders at the time of the
founding of the entities. The implicit rational approach simply is to
adopt a name and then append to
the name a word that reflects the object [commonly better
known as the "company business"] of the entity, and
optionally further append to that any qualification that further clarifies to the buyers of the target market,
the scope of the business. The second
consideration introduces in act of naming of the business-entity,
two additional factors for consideration: First factor for
consideration in constructing the qualification of the business-entity
addresses the characterization of the entity as a venture or
as a business, second factor for consideration the categorization of
the buyers as consumers or other businesses.
Some illustrations examples are provided later to both buttress and
reflect the basis for the inference, but first, illustration of the
use of the method of name construction: Consider a company that
manufactures air refresher which works by ionization of the air for
purification by reactive destruction of ambient germs; and
inferentially, the target market of the product is the consumer.
By the standards of adopting a name, one could adopt "Ions" as
naturally from the method of the product. Now playing on the
phonetics, another word as "Irons" also sounds attractive as such
gives the literal impression of a "rock" which gives the impression
of being "solid" and as "reliable". So a choice of the word
"Reliable" would not be so bad being more accessible to the
consumers than the word "Ions". So the first adoption is "Reliable".
Clearly the object of the entity is the manufacture and sales of
health ensuring air refresher, so an object of the company can be
defined in terms of producer of "germ-free air". Now one is ready to
construct one name for the company which could be "Reliable
Germ-Free Air Company". Obviously consumers buying this product of
this company knows that the air refresher they buy would provide
them with germ-free air.
A prevailing industrial
example of a advanced technology company that sells to the consumer
is Merck Pharmaceuticals Company: Clearly by the rules of name
construction "Merck" may be considered as an adoption;
and the required qualification defining the object of the business
becomes "Pharmaceuticals" .
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Naming of
non-technology participating in consumer
markets however, somewhat slightly different, but still follows the
same format, because the choice of adoption is also
dependent on the sales category of the product as either Minor Sales or Major
Sales. Minor sales may use any name subject to the general guide above
or a word that is common and essentially pedestrian, however, Major
sales may simply just use some value word that
reflects high-end.
Then, of course, the name of the entrepreneur is just as
good as it gets. Yet there are some approaches to this reasoning all
the same. however, so an entrepreneur, by the name of Joe, may
use use the adoption of "Joe" and append a business descript word to
it.
In that regards an
illustration is enlightening; and to that end, the construction of a
name for a nontechnology entity in the consumer market: Consider an
entity starting the buying and selling to consumers of a widgets, as
is the norm; and also that the name of the entrepreneur as Joe.
For the construction of the name based on the general rule elicited
for the low-end market, one can begin with adoption of " Joe" and
then append to the adoption "Widgets Company" leading to Joe Widgets
Company. now although, the name does not necessarily seem to portray
high-end or low-end, but just a company to be discovered, as a
generic type name the company will attract all possible customers
who may mostly be trying to define the business in their minds, but
will attract mostly low end customers who may think of the company
as a sort of all widgets company including the cheap widgets. This
situation would get the owner very busy attending to many people who
would not become customers, and thereby spending the money too fast.
The entrepreneur Joe actually focusing on the low-end would
alleviate the unnecessary queries by further qualifying the name as
Joe Affordable Widgets Company. Now most people will recognize that
the company is for the low-end widgets.
On the mirror side, for the construction of the name based on the
general rule elicited for the high-end market, one can simply
make the adoption of " Joes" but this time not append a
qualification directly to the name but rather as a description of
the name.
Such descriptions are often given as a slogan, and so then below the
adoption add the slogan "The Widgets Company": Now the name takes on
a new flavor: The name creates the impression that here in this
company is the source of widgets of just about every type. Yet the
words are the same here as in the first case. Yet quite implicitly,
the entrepreneur asserts high-end without being so obvious as to be
branded elitist, but really there is nothing wrong with being an
elite if that is the target market.
A prevailing business
example of a high-end focused company that sells to the consumer is
Fortunoff: Clearly by the rules of name construction |
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"Fortunoff" may be
considered as an adoption; that in the mind simultaneously
conjures up high-end and class by the very phonetics of "fortune";
and remarkably uses the description slogan as simply "The Source"
which just about tells everything.
Now, some prevailing examples which may always insightful and
supportive of the implicit rational approach as elicited. In that
respect some famous companies as GE and IBM serve as good examples.
A classic case of the
view can be surmised from GE, General Electric. this company as an
appliance manufacturer when it was started, operated in realms
not very accessible to most consumers who were the buyers of the
market at the time. So the name "Electric" aptly defines the objects
of the company, as suggested. However, the word "General" provided
further clarification to the consumers indicating the breadth of the
business. IBM as the International Business Machines sold both
to businesses when the focus shifted to computers. in this case the
adoption may be viewed as "Machines" to make clear of the object,
which is then qualified as targeting businesses by the adjectival
"Business".
The entrepreneur who has already formed a
business-entity and has not followed this approach has really not
locked out as yet. There are one of three things the entrepreneur
can do:
- First create a new business-entity with a name
that follows this approach and then merge the current one into it,
- Second, where permitted change the name of the
business-entity to a new one constructed by this approach;
- Third, apply for a Trade Name and use the trade
name instead of the old name.
This simple but effective
illustration reveals hopefully the importance of naming a business
and the significance of a built in slogan to position the company in
the minds of the prospective customers.
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