Please see my answers below in italics.
1.Should I focus on marketing my company or my product? Furthermore should I buy a domain for mycompany.com or myproduct.com.
Both and yes. It is important to market both your company and product. Realistically, until your company is well known, marketing your product to an audience that will benefit from it is more effective. I would focus on both simultaneously, however, with a lean towards building marketshare on the product side. This will help pay the bills and build a loyal customer base.
2.Again, for social media (fb + twitter + blogs)... for which brand should I try to build equity.
With social media, link your product with your company name at every possible opportunity. Everytime your product is discussed, your company name should be included in the discussion.
3.How can I be most effective considering the short time frame?
You need to have a short-term strategy and long-term strategy with reasonable goals and expectations. However, a combination of online pr, social media, article, blog, and SEM can be introduced quickly and produce great results. You don't have to spend a fortune here either. You simply need to invest the time.
4.Ive settled on company and product names based on wanting to build them by creating conversation online, and not on any micro testing. Should I be worried?
Micro testing is valuable for some companies, but not all. Everything is driven by online search results today. I would base your company and product names on terminology that avoids search result clutter and can be effectively "owned" by your company. You want to make sure that you can manage your domains, blog, twitter, etc. Make sure someone else hasn't already taken your product or company name out there and make your choice on what offers you the best online uniformity.
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