I'd like a general overview of when it's best to use a Target Audience versus a Refinement within a campaign.
There seems to be slight differences between the two but they can accomplish a lot of the same functions.
You can use the Refinements (also known as template rule) feature to make it possible to test variations in similarly structured page elements. This feature must be used on pages that have a very similar page structure or contain template elements that are structured the same on all pages.
Target different content and experiences to specific audiences(criteria) to optimize your web marketing by displaying the right messages to the right people at the right time.
Audiences determine who will see a targeted activity,
while refinements is to contain the scope of campaign to limited set of pages etc. We use the refinements to more narrowly determine when to display the activity.
Hash (#) Fragment