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Wordpress is very flexible. It started out as a way to create a blog, and can still be used as blog software, whether or not you use it as a content management system for your whole website. Millions of businesses now use Wordpress as a full content management system to manage their entire website, making it easier to update and expand.
A blog (combination of "web" and "log") is an online journal. The blog owner, who could be an invidual, a company or a nonporofit organization, regularly posts journal entries, including links to relevant information. It's a great way to add keyword-rich content to your website for better search engine optimization and therefore, more traffic to your website.