There are two separate services that you’ll need for a working site - a domain plus a website hosting plan for it. When you type the domain name in your browser, you see the content that is uploaded within the web hosting account, but if that domain address is not linked to such an account or to an email service, it is parked. To put it differently, the Internet domain is registered and you're its owner, but it lacks content of its own. As a substitute, it can open either a pre-made “Under Construction / For Sale” webpage from the registrar company, or it could be directed to some other URL of your choice. The main benefit of parking a domain is that you can keep it and be sure that nobody else is going to take it. In the meantime, it won't occupy a slot for a hosted domain inside your account. You could also park domain names if you have a .com, for example, and you register domains with other extensions such as .net, .org or country-code ones to direct them to the main web site in order to protect a brand name.