In the 138th episode of Semantic Mastery's weekly Hump Day Hangouts, one participant asked about keyword variations and multiple keywords in Google Adwords.
The exact question was:
Hey guys, I'm currently setting up a local AdWords funnel like the one on Local Kingpin.
The niche is home building, so the three main keywords I have are “”home builders”” “”new home builders”” and “”custom home builders.”” One thing I don't know for sure is if these count as variations of one keyword (“”home builders””) or multiple keywords. I should also mention that the search volume in my area is very low for this niche, which is the reason I decided to make one landing page targeting “”home builders.”