When working with data, which is, in large part, what Drupal does, it's usually best to have your data normalized, when possible.
What this means is that long strings of data that can be logically broken down, should be.
For example, instead of having a field that has the entire name "John Doe" in it, a developer would typically add a "First Name" field and a "Last Name" field. This makes querying for particular pieces of data much easier.
On some content types, though, this might be redundant. A good example is an Employee based content type. The Title, which is a required field, would be the person's name, and then you may have a "First Name" field and a "Last Name" field to do some querying with in Views.
Wouldn't it be easier if the title just built itself?
Well, it can, through the use of the Automatic Nodetitles module, a contributed module that allows permitted users the ability to construct titles based off of data that is stored within existing fields on a content type.
With Automatic Nodetitles, the site builder can choose to either hide the title field entirely on the node submission form, or leave the title field visible on the submission form whereby it will auto-fill only if the title field is left blank.
Custom Content Type with Renamed Title Field
(Name to be displayed)
Read on to learn more about how to configure these settings.
Custom Content Type with Title Field Hidden Via Automatic Nodetitle Configuration