Hansen Natural Company had a great idea. Launch a 16-oz. energy drink to compete with 8.3-oz. Red Bull and the other energy-drink brands. The brand name: "Hansen's Natural Energy Pro." The brand went nowhere. Then Hansen launched Monster energy drink, also in a 16-oz. can. Today, Monster is a strong No.2 brand to Red Bull.
Read MoreNames come last. Entrepreneurs should first develop a marketing strategy. And then name their products or services to reflect that strategy...