What does the optimization process look like?

I asked this question here but it didnt get any momentum.

http://stmforum.com/forum/showthread.php?30381-What-does-the-optimization-process-look-like

I think of optimization as three parts.

I can get more conversions with the same traffic (landing page optimization)

I can lower the cost per click (campaign optimization)

I can get better quality, more likely to convert traffic (targeting optimization)

But where do I start? Is every campaign going to be different?

I think that targeting ...