Help you track contacts progress through your marketing and sales process.
Should be mutually exclusive and collectively exhaustive (e.g. each contact can only be in one stage at a time and is always in a stage.)
Corresponds to a distinctly different phase in the customer journey
Groups of contacts that have something in common (e.g. have taken 10+ classes, intro offer purchased, no bookings, etc.)
A contact can be in any number of segments at the same time.
Can be used to break down contacts in the same lifecycle stage even further, but do not have to correspond to a customer journey.