I want to change the name which is displayed below the app icon on the iPhone screen. I use Xcode 4 and I have one target with keys:
Making the product name change: Double click the name right under "Targets" and modify the target name to whatever you want.
Checking if the change has been made: Click on "Target" and on the right hand side search for "Product Name" under "Build Settings". The displayed value of the product name should reflect your change. If not, double click on that name to make sure it's being set to $(TARGET_NAME).