Red dot (circle) next to the app name below the app icon on the iPhone Home Screen on iOS 8

Question

What does the red dot (circle) next to the app name below the app icon mean?

Answer 1

Thanks for the question @user5673323221, and the answer by @PhilBowman. As apart from the red colour, there are few more colours as well such as yellow and blue having their specific meaning.

Check this Medium article for them all.