On the first setup, the name of the Site Template is used as the name of the first site. In most cases, it will be called "Team Site". Most customer may not want this as the name of the first site. Most customer will call this "Home" or "Corporate Site". You can change this to whatever you want.
Here is what the first site will look like. As you see, the Name of this site is called "Team Site" as this was the site template that was used when creating the site. Changing this is simple.
On the top right, just to the right of the users name, click on the jog wheel and choose Site Settings.