Facebook Pages
This is what you should use to promote your business product or service. Commercial type advertising and promotions should start on pages. Facebook encourages businesses to have pages and use these pages for advertising and interaction with customers, fans and prospects.
Pages do not have "friends". They have LIKES. At one time the likes were called 'fans'. Now they are simply referred as "People who like the Page". You can invite people to like your page or someone else's page.
Example for Page Use:
James Smith, the Bar Owner, could sign in to his account on facebook as James Smith and create a facebook page for his bar "Jim Bob's Bar". From that "Jim Bob's Bar" page, he can invite friends and customers to like his page. The page can be used to advertise specials, events and the menu.
With address and contact information, it also provides a potential search result on the search engines for his bar. Try doing a search on google for some of your favorite places to visit and see if their facebook page comes up on the first page. A lot of mine do and most of my clients have first page results for their facebook page.
Update 2021: Facebook continues to change how pages and profile interact, You may be required to switch your profile and act as the page to post and comment. You can do this in the top right on your desktop. On mobile phones, you may have to install the Business Pages app to do things that used to be easier on the phone.
Can James use groups? Go to Next Page to see how groups may be used for Jim Bob's Bar.