Your priorities are all messed up. This is how you should be running things for a NEW campaign -
- Spend 30% of your time on keyword research (finding new keywords using Google keyword suggestion tool, Wordtracker etc). This is the most crucial aspect and has to get the highest priority.
- Spend 30% of your time adding keywords/adgroups/ad copies
- Spend 10% of your time managing bids so that your current cost per conversion is equal to desired cost/con. This can be done once in a week.
- Spend the remaining time reading up on WebmasterWorld.
Looking at competitors, fiddling around with ad copies etc is a waste of time, especially in the initial stages.
However, once your campaigns are running smoothly, your priorities should change accordingly. You should be spending more time on bid management, keyword tuning and adcopy experiments (basically campaign optimization)