If you have a small website with not many storage and performance requirements, the Shared Hosting plan can be an incredible value for your buck. VPS Hosting, which has a more balanced cost-to-performance ratio, is for cases where you'd want more control and power over the hosting account. Finally, if you want the finest of the finest web hosting option, there's Dedicated Hosting plan for you.
Ultimately, it all boils down to your budget allocation and website's requirements.