When you create a name for a group of cells its called Naming Ranges this is useful to make navigating workbooks more efficient. You can use the Microsoft Excel feature of creating Ranges Names to include in functions. What this does is make a lengthy function much more user friendly by making it easier to read. Take for example a Vlookup which is a popular function that matches data from one list to another then returns specified data for a column in the Master list.
Instead of reading: = Vlookup(A6,StockList!$A$1:$F$300,4,False)
Vlookup(A6,ProductList,2,False) or = Sum(SalesTotals).
Another idea where you can use Range Names is in Data Validation Lists, to make it easer to print reports you could create a Range Name that selects the area to print.
STEPS to creating a very simple Range Name are to Select your data, then go to the Name Box and type the name you would like to give your Range Name, remember there are rules. Pressing Enter after naming your Range Name correctly is critical.
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