Adding a new column to an existing table is a common database operation. The `ALTER TABLE ADD COLUMN` statement is used to modify the table's schema. This is crucial for adapting your database to changing requirements. For example, if you need to track product prices, you can add a new column to your product table. This statement is part of the Data Definition Language (DDL) in SQL, which deals with defining and modifying database structures. It's important to understand the data type of the new column, as it dictates the kind of data that can be stored in it. This operation ensures data integrity and consistency within your database. Properly defining the column's constraints (like `NOT NULL`) is essential for maintaining data quality.