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Lookup in one column to enter text in another

I want to look up a value from a dropdown in one column and enter text into another column based on the value found in the first column - is this possible? I can't seem to work it out!

For example, if 'Column A' is '123', 'Column B' will populate with the text 'Great'. Again, if 'Column A' is '456', 'Column B' will populate with the text 'Not bad'.

Anyone got any ideas?

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