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Just some more info for you. There are actually a few types of a products our there to help with bidding.
Like Shakil said, there are a lot of emails floating around from companies claiming they can manage your bids for you. Overture has made a huge effort to try and stop this software because "it ties up their bandwith." If you use a company that is not approved you risk your terms going offline when Overture makes updates. Even if you use an approved software, you are limited to the number of times a day your software can update the bids so there is still a chance that your listing can fall out of 1st. Although Overture has approved a few select companies, they still do not like people using the software so don't expect them to offer you a list.
The other software (which tends to be a cheaper investment) will monitor your keywords at a time schedule you determine and email/alert you with a pop up when your keyword(s) have fallen out of the position you desire. You still have to manually change your bid, but many of these products have direct links to login.
Some would encourage you to do bid management the old fashioned way <shudder> by hand.
You could always outsource!
There are two types of tools, bid monitoring and bid management, bd monitoring is the sort that will check your prices and alert you if action is required, but it's still time consuming to set up and a good PPC bid manger will still out-wit you and tie you up in knots.
Bid management allows the software to take control of your account, log in update the prices etc.. Some people will rave about the software and from a time saving perspective it will save you lots. If you want to have full control then this would be a good choice.
Neither option will chose the keywords for you (although some of the software providers will sell you this as an extra service), the software won't look at the landing pages from a marketing perspective.
There are, as has been mentioned, several approved software solutions, some are hosted services and some are outright buys. Depending on whether you want to manage lots of keywords or just a few then the hosted solution might be the most cost effective for you.
I think one of the reasons Shakil does well is not just to do with the software, he has the brain the size of a small planet and soaks up knowledge better than anyone I know! He knows tactics, bid strategy, which you need if you intend to take your plastic sword into the gladiators den.