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The importance of having a good domain name for a website is highlighted in the tutorial. A domain name is a series of letters used to identify a website instead of its IP address. It is recommended to keep the domain name simple, easy to spell, and aligned with the company name. To own a domain name, one must register it, which can be done for free through Odoo. The tutorial demonstrates how to register a domain name directly from the Odoo portal account.
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