Starbucks, YouTube, Google, Coke and Nike are all examples of well-known brand names. A brand name is a word assigned by a manufacturer to distinguish itself or its product in the marketplace. The brand name is usually prominently displayed on the product, its advertising and marketing communications.
A strong and well-known brand name can provide a significant competitive advantage for a company. For example, Coca-Cola is well-known as having a valuable brand name, and much of its success has been attributed to high levels of brand name trust and recognition.
In general, brand names can be categorized into three types: descriptive, arbitrary and suggestive.
Descriptive brand names indicate to people exactly what is being sold. Hotels.com or Dunkin' Donuts are examples of descriptive brand names.
Arbitrary brand names are completely made up names, which have no connection to the product or service. Examples of arbitrary brand names include Starbucks or Nike.
Suggestive brand names are those that give the consumer an idea of what the product or service is, but without doing so in an overtly descriptive way. Pinterest and YouTube are examples of suggestive brand names. Suggestive brand names are considered by many marketers to be the best type of brand name.