Any one that have brains in their heads instead of macaroni would know that a battle is won or lost in the combat phase.
So not in the shooting phase, the shooting phase is for supporting the cc phase ( close combat
)
Volley fire is almost useless so get your archers in normal range first.
Then look at the targets that are in range and shoot at models that make difference in de combat phase that kill most of your troops.
Good should shoot at mordor trolls and the troll chieftain ( if you take a chieftain out you will win the close combat and the battle )
Evil should shoot at heroes on horses, heroes without horses will be less effective without extra movement + charge bonus. And you should not forget the lance bonus ( If you can take away the lance bonus of Imrahil, Boromir or faramir that would also make difference.
If their are troops that make not much difference in cc, then you should look at the defense of the troops.
For example:
A player field a bunch of stupid orcs and a troll chieftain, he let his evil beasts run to you in range of your archers. You can do 2 things:
1) you shoot at the orcs because of their low defense, so you can kill more orcs. Or 2) you can shoot the troll chieftain with a high defense and a low change for wounding him.
If you choose the 1 you get for example 10 orcs that will die
but the chieftain will kill your troops in cc
or you can shoot that big troll and let all the orcs life
and kill those cowards in cc.
@ sephiroth:
- Shamans are behind other troops so you cannot shoot them
- Crossbow, shoot them if you can, but most of the time they are also behind other models.
- Orc trackers, Their are better targets like trolls or WARGS.
- Gondor+ Rohan shoot at heroes on horses, especially if they have lances.
- Elves : Legolas of course and archers.
- Dwarfes, hmmm high defense
Shooting at enemy bowmen if the enemy has also troops that are running to you is a very bad idea. If you shoot the troops that are running to you and beat them in cc you will win because the archers cannot shoot you in cc and you will have more models or better models in cc.
If both armies have 1 bunch of archers and 1 bunch of infantry.
And player 1 let his archers shoot at the enemy archers. player 2 will shoot at the troops. Player 2 will have more chance to win because in cc he is stronger and his archers cannot shoot at the models that are engaged in cc, evil can but it's 50/50 chance for hitting his own models.
So my advice is this:
1) models that can make a difference in cc.
2) defense values.
3) enemy archers ( only if the opponent don't move forward and that you can outshoot him )
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followed by legolas and then haldir. If you happen to be gondorian, you can always call on the mighty Avenger bolt thrower 
I was first to reply! What a surprise! 