Definition
Match types control how closely a search must match your keyword for your ad to show: broad match is loosest, phrase match requires the keyword's meaning, and exact match requires the same meaning or intent.
Also called broad match, phrase match, exact match
MegaMCP glossary32 terms
Explained
Google has loosened match types over time: exact and phrase match now include close variants that share meaning, and broad match uses signals beyond the words themselves. That makes the search terms report more important, not less.
Negative match types work more literally than positive ones; see negative keyword.