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Default color options from drop down list

I am working on a spreadsheet that displays what price the business buys
product for, and then it calculates different prices with different marginal
percentages added to them. What I am trying to do is set up a color coding
system for the spreadsheet that puts a different color in different cells and
that color would be linked to who we charge what price. I want to know if
there is a way to do this using a dropdown list, with the color choices in
the list?