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According to the Twitter FAQ, “Twitter is for staying in touch and keeping up with friends no matter where you are or what you’re doing.”
Wikipedia says, “Twitter is a free social networking and micro-blogging service that allows users to send updates via SMS, instant messaging, email, to the Twitter website, or any one of the multitude of Twitter applications now available.
Twitter can be very valuable for marketing - Every time you send out a ‘tweet’ aka a broadcast, all your followers will see it. Unlike blogs, Twitter is a real time broadcasting medium.
You have the option to link twitter to your mobile phone and / or to your instant messaging clients. By having Twitter accessible on your phone you can both send and receive updates which means that you can stay in touch wherever you are so it is a truly mobile communication tool.
Twitter can be very valuable for marketing as you can send updates and announcements to your followers. Your followers are people that decided to follow your updates. They just click the follow button on your twitter page.
Watch Chris Pirillo Explain Twitter in his own style: