The old way in Target Classic was to wrap non global mboxes around specific divs on the page so that you could target content and changes to those divs. This made it easy to run specific content tests to those specific divs on a page. I find this to be limiting.
In Target Standard, you use global mboxes. The global mboxes allow you to make changes anywhere on the page and don't restrict you to just those divs. It also allows you to use the visual experience composer. Global mboxes will allow you to create much more complex tests which often have a better chance of producing a significant result. You will want to use Global mboxes.