If anyone does agree to either of those names they need to reconsider their position in marketing
I think if anything the airport should retain its simple Exeter name but its slogan could be changed.
At the moment I believe its "Flying you further from closer to home". This could be tweeked slightly to simply "flying you further from the heart of Devon" or "Southwest".
IMHO I dont think a name change will make much difference to the airports status. I think traffic in and out of the Westcountry is good in the summer but not excellent and it dies off terribly in the winter - Flybe cut back their operation a lot last winter 2010/11. How the airport will get more passengers flying out I dont know but I guess a lot of it is to do with the airlines as well and the timings they offer for flights.