There are typically 4 types of names: Descriptive, Suggestive, Arbitrary, and Fanciful.
Descriptive names have the advantage of being just that – descriptive. Without much advertising, the consumer can make out the type of product or service it is just by looking at the name. Take Wall Street Journal – you know it is a newspaper. British Airways is an airline company and Head & Shoulders something for your head and shoulders.
The disadvantage of Descriptive names is their legal availability. Since they’re made up of generic or existing names, chances they are already registered are high.