Domain registration process:
With a registrar you can register a brand new domain, transfer a domain name from another owner or change the name server parameters for your domain name. Registering a brand new domain is as simple as buying an item from an online store. You specify the name of the domain and the registrar informs you about the registration costs for the duration (usually 1 or 2 years). You can register for longer duration up to 10 years.
Transferring ownership of a domain name from another owner requires some more efforts. The existing owner has to confirm that they are the owners and they have authorized the transfer. Once the transfer is complete you will be able to manage your domain from one interface. Once you move the registrar to your interface you can redirect the traffic to your web hosting provider.
At a registrar you can manage the contact information for your domain and the name server settings for your domain. The name server or DNS settings determine the web server or web host your domain name will be redirected to when people visit your website. All web hosting providers give you the name server settings (an IP address or a name like NS1.dreamhost.com) if you have not registered your domain name with another registrar.
If all of this is too complex, you should start off by registering your domain name at the same location as your web hosting provider. By doing so, they manage these for you in the background.
In this video you will see how to register a domain name after selecting the web hosting package at GoDaddy.