Several examples are shown below...
You can include your chosen command in the ~/.bashrc filePROMPT_COMMAND='echo -en "\033]0;New terminal title\a"'
PROMPT_COMMAND='echo -en "\033]0; $("pwd") \a"'
PROMPT_COMMAND='echo -en "\033]0;$(whoami)@$(hostname)|$(pwd|cut -d "/" -f 4-100)\a"'
PROMPT_COMMAND='echo -ne "\033]0;${USER}@${HOSTNAME}: ${PWD/$HOME/~}\007"'
gconftool-2 --set /apps/gnome-terminal/profiles/Default/title --type=string "New Terminal Name"
sudo apt-get install terminator