Marketing: Corporate Identity Crisis

Consolidated Foods is a sober, respectable name for a consumer-products conglomerate, but none dare call it mouthwatering. Accordingly, executives of the Chicago-based company (1984 sales: $7 billion) decided to rename the firm Sara Lee, after its familiar frozen cakes, breads and pies.

That corporate name change was but one of 707 made so far this year, according to a survey by Anspach Grossman Portugal, a New York consulting firm. Last year 871 companies renamed themselves. While the trend toward name-lifts is hardly new, it has recently been accelerating.

Sixty percent of the monikers stem from mergers, acquisitions or divestitures. Republic Steel and Jones & Laughlin Steel merged into LTV Steel. Other conversions occur because executives are looking for a new style. Zenith Radio sought to be up-to-date by becoming Zenith Electronics. International Harvester, a truck manufacturer that was near bankruptcy two years ago, plans to change its name this year. It may become Navistar, evoking an image of starry skies instead of cornfields. A heavy truck by any other name, however, is unlikely to be sweeter.