And what happens if I have a term keyword1 keyword2 keyword3 set to broad match with a lower bid term than the "keyword1 keyword2" term. Which bid is google going to use? The lower one I set for the broad match of keyword1 keyword2 keyword3 or the higher of "keyword1 keyword2".
Also, does anyone have any good articles they can point me to effective keyword matching strategies? This is all overwhelming. Thanks...
Yes, tiered by match type often works well. The exacts are more specific, often higher ROAS, higher bid makes sense.
AdWords will match to the most restrictive match type, regardless of bid. Be careful here though, it's complicated. The exact match case is easy, but still not simple. Your settings may allow typos and plurals for example, making 'exact' not completely 'exact'. For the broad, mod broad and phrase, it gets stickier.
Mine for negs, to eliminate junk. Do Search Term reports to make sure searches and keywords are lining up as expected.