Resolved Printers on a Network

I have a network comprising 8 PCs and two printers which have Ethernet connections, all connected to a router. I had assumed I would treat the printers as network printers, but I am advised to select Local Printer in the Win 7 "Add Printer" wizard.
I am then to "Create a Standard TCP/IP port ". Can anyone explain this to me? Why do I not set up as a network printer?
I believe I need to do this setup on each PC and install the correct printer driver. Do I select "Share this printer" on each PC?
The IP addresses are provided by the DHCP server in the router. How does the printer cope if the IP changes? I think it is possible to fix the IP in the printer control panel.
The more I read about this on the Internet the more confused I get.

Thanks Geoff

 

Thanks Tony for your reply.
So when I switch on the printer I should get the message "Found Printer" and be asked to supply the driver, if Win 7 doesn't have it? I doubt it will have the driver because the printers are fairly old. ( I have drivers which should work).
What should I do if Win 7 does not find the printer for some reason? Do I manually install as a local or network printer?
Thanks Geoff

 

Thanks Tony, I am now clear what I need to do.

However, I would like to understand why, in XP, you are advised to select Local Printer and "Create a Standard TCP/IP port ". Is it just a Microsoft quirk? I am a retired engineer and I like to understand how things work.
Geoff

 

Thanks Tony,
I got so confused reading articles on the internet, some of them written years ago when all we had was XP. I feel a lot happier now I have a better understanding.

Have a good Christmas and New Year.

Geoff