Microsoft Bing Ads Bidding Strategies

Enhanced cost per click (CPC) is the default bid strategy setting when you create a new campaign.
With Enhanced CPC automatically adjusts your bids in real time to increase your chances for a conversion.
If you haven’t optimized your campaign then Enhanced CPC reduce your cost per conversion and increase your total conversion count while respecting your current budget.

Manual CPM is available for Microsoft Audience Ads.
Manual cost-per-thousand impressions (CPM), set the actual cost you want to pay per 1,000 viewed impressions.
With the manual cost-per-view (CPV) bid strategy, you set the highest amount that you’d like to pay per view or per click on a video ad.
Cost-per-click (CPC) bidding means that you pay for each click on your ads. If someone clicks your ad, that click won’t cost you more than the maximum cost-per-click bid

Maximize Clicks is available only for search ad & Shopping Campaigns.
Maximize clicks automatically sets your bids in real time to get as many clicks as possible within your budget
Microsoft Advertising will have full control over optimizing your bids.
you can also set a maximum CPC (cost per click). This is an optional limit you can set to make sure that Microsoft Advertising never charges more than a certain amount for each individual click.
Need to have conversion tracking to set up in order to use the Maximize conversions bid strategy.

Target cost per acquisition (CPA), you can set your budget and your target 30-day average CPA
you can also set a maximum CPC (cost per click). This is an optional limit you can set
Some conversions may cost more than your target and some may cost less
You need to have conversion tracking set up in order to use the Target CPA bid strategy.
You cannot change bids for keywords that are using Target CPA.