This question comes to mind very frequently when choosing which solution fits best for your business model. You know that you need hosting, but do not know where to start. You start by doing your research and soon get overwhelmed by the amount of information available.
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Server Fault is a question and answer site for system and network administrators. It only takes a minute to sign up. Connect and share knowledge within a single location that is structured and easy to search. Basic "Hosting" aka "shared hosting" is where the company runs your website or service on a server with other web sites or services. You generally get no control over the server itself; you get to upload files and administer the service, but the hardware and OS is the host's responsibility. They provide the hardware and OS, internet connection and bandwidth. You are responsible for whatever else you choose to install and run.
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Every organization has its unique requirements and reasons for using a private or enterprise cloud. Generally, enterprise private cloud solutions are implemented due to low overheads and ease of scaling. Managed cloud services do, however, require ongoing monthly or yearly fees and can be far more expensive than the available alternatives, particularly at scale.