A domain name is what you type when going to a web page (ie: google.com or yahoo.com or wikipedia.com). You have to register a domain name to use it for your website. Domain Name Registrars handle the registration of domain names. GoDaddy and Network Solutions are examples of registrars.
If you have a web page and you want to use, Such as www.businessname.com or www.productname.com you have to register the domain name with the registrar to be able to use it., but in reality a lot of the most popular domain names will have been taken already, hopefully not by your competitors!
Country-specific domain names will also normally get preferential search rankings from localized search engines such as Google UK.
Don't forget that as well as .com and .co.uk, there are other so called top level domain (TLD) extensions such as .net, .org, .info, .biz, etc so it might be worth considering one of those.
If you are unlucky and your perfect domain has already been taken and is not up for sale, you will have to find the next best domain. Fortunately many websites that sell domain names have a feature to help you choose variations of a name that aren't already registered.
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