It's certainly not standard practice for large companies. General Motors manufactures cars with the Chevrolet, GMC, Cadillac, and Buick marques. Procter & Gamble's brand family includes Tide detergent, Oral-B dental-hygiene products, and Luvs diapers. Google uses its company name as a modifier for its products: Google Maps, Google Plus, Google Books, and so on.
The Joie de Vivre hotel group gives each property a distinctive name linked to its location and personality -- Rex, Epiphany, Waterfront, et al.

Tech examples? When it was founded in 1982, AutoDesk made a single product, which it could have named AutoDesk--but didn't. Instead, it named it AutoCAD (for computer-aided design). Freed from the corporate name, the growing family of products was able to assume distinct brand identities: Revit for the construction industry, Moldflow for manufacturing, Maya and Mudbox for media and entertainment.

On the other hand, as Steven Mason points out, the combined corporate-product name Facebook seems to be working just fine.

Short answer: there is no "standard practice" but rather multiple naming strategies. To determine which one is best for your company, you'll need to consider your long-range goals and your commitment to branding and marketing.