Hi PPC M,
Welcome to the community...!
In short, while the narrower the keyword matching option, the more relevant that keyword will be to someone's search.
Find more information about Adwords match types in the link.
Hope this helps,
Hello and welcome,
Every match type in Adwords has a different significance and it really depends upon the advertiser to choose the right set of keywords for his business which might vary from case to case.
Different match types have different order of precedence while working. For example: Exact matches have top precedence followed by phrase and then broad modifier and lastly broad match type.
In addition to what Info said above, I would also like you to go through a very important reference which explains how different match types with similar keywords work when the user enters search query on Google search:
My 2 cents!