Google does not care much about EMD 'Exact Matching Domains' so its pretty much pointless using a long domain with company and product name.
Branding or Short Business Names
Google wants businesses using proper branding and not just labeling for search engines. So you should use companyname.com or the branding name.
Google Doesn't Want
As i've mentioned early Google nowadays wants branding, what this means is no longer does Google reward for keywords used in domain names, too many keywords can even flag your site and be reward less for those keywords. Aim for Keywords in the URL, that's what SEO friendly URLS are for.
Long Business Names are naff to look at, never mind type
If you were to have a company called Dorset Innovation Plumbing Professionals then realistically this is just far to long and you could opt to use a branding label such as 'DIPP.co.uk' or something on those lines. Nowadays businesses are coming up with the branding and businesses names based on the availability of domain names before they even start their business plan, long domains look naff and impossible for people to correctly remember, that's why in my honest opinion short business names or branding.