Hormones act as chemical messengers that bind to specific receptors and elicit responses in target cells. There are two main classes of hormones based on receptor type: Class 1 hormones like steroids and thyroid hormones act through intracellular receptors and directly influence gene expression. Class 2 hormones like peptides and catecholamines act through transmembrane receptors and induce intracellular second messengers to elicit a response. The mechanisms of action generally involve hormone binding, receptor activation, signal transduction through second messengers for Class 2, and modulation of gene expression for Class 1.