The process of cellular division is called mitosis when it pertains to somatic cells, and meiosis when it involves the production of gametes. Mitosis results in two genetically identical daughter cells, essential for growth, repair, and asexual reproduction. On the other hand, meiosis is responsible for halving the chromosome number, producing four genetically diverse gametes, which is critical for sexual reproduction. Both processes are vital for an organism's life cycle and ensure genetic continuity and variation.