Domain names can be used in a number of ways. Direct visitors to your website’s home page or use complementary domains to send them to specific areas of your website ( e.g. yourcompany.jobs for a careers page). Or, forward a custom domain to an existing social media account, like your Twitter profile or Periscope channel. With a domain name you can even set up custom email addresses like yourname@yoursite.social, which can be used to conduct business or communicate with your followers. More.
You gain the most web-building functionality if you create a self-hosted site. This typically involves transfering the free WordPress CMS to server or signing up for a web host's optimized WordPress plan. With an optimized plan, the host automatically handles backend stuff, so you don't have to worry about updating the plug-ins and CMS, and enabling automatic backups. In these instances, the WordPress environment typically comes pre-installed on the server.
There are tons of great domain names available for registration and it can take as little as five minutes to register one at any domain name retailer. These online stores make it very easy for you to search for available domain names with name suggestion tools. They also offer complementary services, such as Web hosting and website design so you can register your desired domain name and set up a website all at once.
All of this infrastructure has been built out to support the a wide range of hosting services. The family-owned company gains points for understanding the importance of transaction security by offering free AutoSSL and Let's Encrypt SSL encryption for its plans. While the company offers sophisticated services for technically strong clients, it also has a Weebly web builder option to get you up and running quickly. 
I wanted to point out that you do not mention critical issues. One is that some of the Top 5 Hosting Services do not offer an e-mail account. Others charge $14.00 a year to transfer your a Domain Name and host it with them or else the domain owner does not get the hosting for free. The list of unpleasant conditions that render those top 5 Hosting Services substantially less appetizing than you painted the picture, and that list goes on and on.
WordPress is one of the most popular content management systems (CMS) in the world, and as such, many web hosting providers offer options that cater to this rather large niche. You can certainly host your WordPress site on a standard shared hosting plan, but by choosing a WordPress-specific option, you'll spend less time configuring and managing your WordPress installation.
If you're not sure of the type of hosting your business needs, you might want to start small, with shared Web hosting. You can always graduate to a more robust, feature-rich package of, say, VPS hosting or even dedicated hosting in the future. Unfortunately, some hosts don't offer all hosting types. Consider how much you expect to grow your website, and how soon, before you commit to anything longer than a one-year plan. It's worth spending the time up front to make sure that the host you select with is able to provide the growth you envision for your site, as switching web hosting providers midstream is not a trivial undertaking.
The character set allowed in the Domain Name System is based on ASCII and does not allow the representation of names and words of many languages in their native scripts or alphabets. ICANN approved the Internationalized domain name (IDNA) system, which maps Unicode strings used in application user interfaces into the valid DNS character set by an encoding called Punycode. For example, københavn.eu is mapped to xn--kbenhavn-54a.eu. Many registries have adopted IDNA.
Many services offer so-called unlimited or unmetered service for whatever amount of bandwidth, disk storage and sites you use. It's important to understand that most terms of service actually do limit the definition of "unlimited" to what's considered reasonable use. The bottom line is simple: if you're building a pretty basic website, unlimited means you don't need to worry. But if you're trying to do something excessive (or illegal, immoral or fattening), the fine print in the terms of service will trigger, and you'll either be asked to spend more or go elsewhere.
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