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I have read at many places

peoples require someone with an excellent experience to develop and deploy a smart contract for ICO

Here my question is, what exactly smart contract is here?

Does it mean to create a new ETH token? Or develop a new coin itself from zero?

How exactly someone can create his / her ERC20 token based on ETH blockchain?

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A smart contract is an immutable piece of code that is deployed on the blockchain. Once it is deployed this code can be executed to eg. check conditions before making a transaction.

Ethereum smart contracts are coded in solidity a programming language based loosely around javascript and C.

Tokens are thus a smart contract that contains a table of all addressess that interacted with the contract and their balance. This balance are the 'tokens in your wallet'.

I've made a two piece tutorial on this : https://medium.com/@Alt_Street/create-your-own-ethereum-token-bfa6302084da

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