The difference between Domain & Hosting.
Domain Name is the address of your website, just like your home address. If anyone types your 'domain name' in a web browser, they will be taken to your website (eg. Google.com, Yahoo.com, Facebook.com, etc, all these are domain names). Registering a domain name is done with a duration, from 1-year to 10-years at maximum. Every domain name registered is renewable on/before its expiry date. Consider this to be something like your Business Name registration with a Government (eg internet) or any Registry for recorgnition of ownership of that name.
In real life example, a domain will be something like a home address (eg. 27B Itafaji Road, Vanilla Estate, Abuja) registered with the government as your landmark address. Now you need to have a space at that particular address, say 200sqm or 50sqm to build your house. On the internet, that is what we call Hosting (land). Hosting is where you build the house and put in your stuff (i.e 200/50sqm). Literally, hosting is a computer space for your files and e-mails.
If you register a domain e.g myhouseishere.com, you also need a hosting space (computer storage space) to put your files and website eg. cPanel Hosting or a Web Server.
Sometimes, people may want to buy just domain names so that they can reserve it. Other times, they want to host somewhere else or with services like Blogger, Tumblr, Google Apps etc. But a fully functional website will always have both a domain name and a hosting account.
If you are still confused with these, you can talk to our sales desk for assistance or try Google search for more information.