You might have a Latest News feature on your website it might be called a blog. Either way, it's really the same thing. A blog (short for "web log") is a tool. It lets you login, write something, click "Publish" and it then puts it in the right place. It puts it at the top of the list and then archives old content (pushes the rest of them down).
If it's a chore to add content to your website, you most likely won't do it - but if it's easy, then you'll do it more. A blog helps you easily write and add content to your website. More content essentially means more traffic.
If you don't have any news or blog items, then it's good to have at least 3 when your website launches. The more, the better.
At the minimum, each blog post should have:
The ideal blog post would have:
The content (text) needs to be original. Do not copy articles from other places. You can copy excerpts and curate the content - that's fine as long as your article/post has more original content than what you copied.
Here are some good articles about blogging if you need some tips (each link opens in a new window):
Please send in 3 or more blog posts in separate Word documents to your Project Manager via Basecamp.