Extensive keyphrase research needs to be undertaken to ensure the products and/or services you offer are appropriately named in such a way that represents exactly what people are searching for online i.e. there is volume & intent associated with the keyphrases selected. This is a critical element of the overall SEO process.
This research relates to better understanding your online competitors as they relate to SEO and whether it’s entirely realistic to ever be able to prominently rank above them for certain keyphrases and whether it’s actually worth it? Searcher intent needs to be factored in and a whole host of other queries to determine an appropriate course of action.