Brand naming strategies: Developing a theoretical framework for creating effective brand names

Abstract

With the increasing number of brands in the world today, every firm vies for the top spot in terms of brand-name memory in consumers' minds. Brand-name memory in a sense relates to brand recall and can go a long way in terms of boosting sales by figuring in the consumer's 'consideration set' while making purchases. The most important effect a brand name can have is in shaping consumer perception and hence determining buying intention. In this project, we study the effect of brand name in influencing consumer perception towards a product or service. We develop a theoretical framework for creating effective brand names. We use this theoretical framework to create a brand name for a hypothetical product and study the response of consumers to it. We then analyze the results to confirm the effectiveness of our framework for creating brand names.