Absolute newbie question ??

Ok, I am brand new to the whole analog, vinyl hobby. I am not sure if I ever will be but I wanted to own a record player, so I bought one since I own many records. I have never heard how a record should sound in analog reference system. My system is very good and it plays CDs beautifully. However, records sound like they are missing bass and most of the mids. Is this how they were recorded? Do I need a new needle? new turntable? new preamp?

BTW, what I bought was: Pioneer PL-1100 and Rotel RQ-970. I didn't want to spend a lot of money since I didn't know if I am going to stick with it.

Any suggestions are welcome. Thanks in advance,
MO