Can I create rules to cause a cell to display a specific value?

Can I create rules to cause a cell to display a specific value (Y) if another cell value is (X)?

I want to add a drop-down list to cell A1, which allows me to choose a pricing option e,g. Price Band A, Price Band B, Price Band C………..Price Band Z

Is it possible to create a rule so that cell B1 is automatically populated with the price that corresponds to the Price Band selected from the dropdown list in cell A1, if this makes sense?

I think the answer is yes so ....

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