What you are referring to is an exact match domain. Having an exact match domain, or a domain with the keywords you want to rank for in it, used to help a lot, but in September 2012, Google issued an update to stop using keywords in the domain name as a ranking factor because low-quality sites were using EMDs to rank. Bing, on the other hand, still uses keywords in the domain name as a ranking factor, so you might get some benefit from having an exact match domain from there for Bing’s 10% of searchers.
With that said, you can still rank in Google with an EMD, it’s just harder because Google won’t give you an advantage for having the searcher’s keywords in the domain name. In fact, some of our sites are exact match domains that rank for the keywords in their domain name, they just rank better for those keywords in Bing than in Google because Google doesn’t give an advantage for having those keywords in the domain name.