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Yes. When I search for a company name and their website is the first organic result, but they still bid on their own fucking name. I click that shit to cost them money for being stupid. That of course reinforces their marketing manager's opinion that they're doing a great job, but whatever. Waste all the money you want, I guess. It's pretty ridiculous how inefficient big companies can be and still make massive amounts of money.
They often do that to own more positions on the results page, and you don't get to see their competition without scrolling or clicking on the next page.