They identify processor market area (high spec, business spec, low price consumer), speed, and features.

There's no one standard naming convention, it depends on the manufacturer as to what they mean, what you posted is made by Intel and is a commonplace desktop processor.

It breaks down to:

Core i7 - this is a high end workstation, maybe gaming class processor. Can do more things at once, has more working space memory in it, uses more power, generates more heat, costs more.

2.5 Ghz - this is short for Gigaherz, and is a standard measure of ticks-per-second. 2.5 billion ticks per second. Processors do calculations driven by this clock, so the faster it ticks, the more things the processor does every second. Roughly, a higher number will do more and cost more, but you can't compare directly against other models.

4710HQ doesn't mean anything, it identifies a model within the range, but it doesn't mean an amount of memory or a speed. The best source of information here is Intel's website called Ark which describes their processors:

This particular one is here: http://ark.intel.com/products/78930/Intel-Core-i7-4710HQ-Processor-6M-Cache-up-to-3_50-GHz?ui=BIG

And on the right is a link to related processors, showing this is one of the fourth generation i7s, and here's the full set in that range: http://ark.intel.com/products/family/75023/4th-Generation-Intel-Core-i7-Processors#@All

You can see this one is in the middle - not the oldest or newest, not the best or worst graphics, not the fastest or slowest...

But yeah, that text gives you an Intel processor, roughly which family it is, a guide of how fast it is compared to other chips in the same family, and a particular model identifier.