According to a recent Graphic Design USA magazine article (September 2005) there is a trend developing of name changes for colleges and universities. According to the article, this is due in part to a realized need to reduce confusion and move away from troubling wording.
As our language and idioms change, this can have potential consequences for institutions that wish to communicate and who want to create awareness to this constantly changing culture. But how does one go about considering a name change?
First, a business needs to consider its ROI (return on investment) to understand its strategy. For instance, if a business selects a firm that specializes in helping businesses with their nomenclature or product nomenclature, there will be an associated cost attached to that strategy. However, the cost may be worth the potential increase in market share and profitability.
On the other hand, if a business simply can not afford this firm handling the whole duty, they will need to consider first what they can afford with what they are losing now. Then they may need to divide what they can do themselves with a firm handling part of the process that they can not handle easily themselves (like trademarks, copyrights, patents, and registrations).