There are times when you buy a domain to redirect that traffic to your site or to pass authority from that domain to your site, well redirecting a domain name is very easy, if you have a Godaddy account and want to redirect a domain or forward it (domain forwarding) simply go to My Domains and select your domain name and click on the Forward button, in the text box simply enter the the desired receiving domain name including the http://, select the option to do a 301 redirect or a 302 redirect, a 301 redirect will tell the search engines that the domain was permanently removed, a 302 will tell the search engines that this is a temporary redirect, if you want to pass link juice and authority I would recommend to do a 301, if you want to test the waters do a 302 redirect. This will work on .com domain registration sites as well but might be set up a bit different.

To redirect a domain in Cpanel if you are hosting your domain name simply log in to your control panel and click on Redirects, enter the receiving domain name and select a temporary or a permanent redirect.