I was able to complete the task by creating an action and creating 5 if statements within the action for each SegmentIndex (0,1,2,3,4). Below is a snip of code.
- (IBAction)changeSeg {
if (segControl.selectedSegmentIndex == 0) {
NSString *newText = [[NSString alloc] initWithFormat😡"text"];
yourlabel.text = newText;
[newText release];