Personalized Content Fragments, is Target required

[WalterHill_WV]

I would like to show personalized Content Fragments inside Teasers and Hero Banners, etc. 

Do I require Target for the Audience?  If so, when target injects into the page how would the personalized content be fetched?

Or is there another way to display personalized content for a user?

Any ideas or suggestions would be greatly appreciated.

Thanks