broad match versus exact phrase in adwords?

quick questions, which I should know, but for some reason am having a brain fart at the moment. I have a set of around 1000 key words at the moment, all of them on broad match which is making my CPC inflated. I am starting to reduce the number of broad match terms to exact phrase terms, but my question is, My #1 search term is very generic (I will use food as an example) if someone types in Food and I have an exact and a broad term labeled food in two separate ad groups, which one will get picked up on? I can see how the exact match will have a lower CPC, but the broad match of Food Florida or Food of Korea would ignore the exact phrase. Do I run it in that manner, two types of keywords, an exact and a broad in separate ad groups? Or do I just ignore the longer tail forms until I can see a more consistent pattern that I would make into an exact phrase