Hi,
  Technically, this is Keyword Insertion: 
http://support.google.com/adwords/bin/answer.py?hl=en&answer=2454041

Ad Params must be configured with the AdParamService, but the {keyword} tag 
doesn't require this setup.

The values in the destination URL are known as ValueTrack: 
http://support.google.com/adwords/bin/answer.py?hl=en&answer=2375447

- Kevin Winter
AdWords API Team

On Friday, August 31, 2012 6:46:16 AM UTC-4, Jason Stedman wrote:
>
> Welcome to the community!
>
> What you are seeing is referred to as an AdParam. This specific example is 
> a keyword insertion AdParam. When the ad is served, the keyword will be 
> used to replace the token {keyword:partnos}. If the keyword does not fit, 
> or for any reason cannot be inserted into the ad, 'partnos' is used as the 
> default value.
>
> You can actually use AdParams in the destination URL also. Of course this 
> means you have to be very careful to ensure that anything that is 
> substituted in gets appropriately served by the destination web server as 
> invalid destination URLs will cause headaches, potentially preventing ads 
> from serving. There are many ways to handle this depending on the 
> technology used in the web site and the level of access you have to the 
> server configuration. If the web page is mostly static html, you may want 
> to use mod_rewrite to handle cases where a page doesn't actually exist. If 
> it is something more dynamic you could handle it with HTTP:GET parameters 
> ("...index.php?keyword={keyword:default}").
>
> Whatever solution you choose, my understanding is that it is important for 
> quality score reasons to appropriately handle the default case and make 
> sure that relevant content is served for your targeting and keyword 
> choices. AdParams in destination URLs is a very valuable tool, but should 
> be used carefully.
>
>
> https://developers.google.com/adwords/api/docs/reference/latest/AdParamService
>
>

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