How do I unload data from a database to a flat file? I am aware of the concept of bulk insert wherein I load data from a flat file to a 
database.

Now I want to unload data from a table to a flat file, i.e. I want to export data in a table to a flat file. Can anyone tell me how to do this?

I am using SQL Server 2008 R2.
Right click on the database, under "Tasks" look for "Export Data", here the selected database is preconfigured as "Data Source" on the next screen you define the "Destination", change this to Flat File Destination and go from there. Later on you can use this as a template for SSIS if you need to do it often.