Names are very important and choosing the right ones for your characters is something to consider seriously. Choosing a strong name for a hero helps give a picture of him to the reader, but going overboard can make the hero seem like a joke. Lance is a good strong name but Lance Ready will bring a smile to the reader's head. Heroines need strong names as well and the same thing applies to their names. Villains names also need to be chosen with care for though the name should perhaps show strength, also the name can suggest weakness that doesn't suit his nasty nature.
One thing about names is choosing one the reader can pronounce. This is especially true for those who write fantasy and science fiction. I've read some where the name can't be pronounced and I find myself skipping the name when I read. So choose the names with care.
Names of places can also use some study especially if you're writing of a place you know but you've chosen to make some changes in the setting. I do this and often use the town where I live but I've been known to change stores or add ones that aren't there. So I give the town a new name.
Names when you're writing paranormal stories takes em to the naming of things. Sometimes I want to suggest something like chocolate or coffee and have used chocola or kaf to bring a hint of the essence of the thing to the reader's mind.
So remember the naming of persons, places or things is vital for the writer to consider.