What is the term for creating a distinct name that is relevant and consists of three words or less?

The term that best fits the description of creating a distinct name that is relevant and consists of three words or less is often referred to as branding. Branding encompasses the process of crafting a unique identity for a product, service, or organization, which includes the creation of names, logos, and overall messaging that resonate with the target audience.

While "naming" might seem applicable, it is generally confined to the specific act of giving something a name rather than cultivating a broader identity. Labeling typically refers to the act of attaching a name or description to a product or item for identification purposes, which does not encompass the complete nuances of identity creation that branding entails. Titling is more often associated with titles of creative works, such as films, books, or artworks, rather than the comprehensive concept of establishing a brand that is marketable and appealing.

In conclusion, branding includes the elements of naming while embracing the broader strategy and significance behind that name, making it the most fitting term for this context.