Default value in cell

Hi all, how do I change this to having the word 'greyscale' by default in the cell and rest stays the same (so click on it and it will change to 'bitmap' and click again to get 'greyscale')?

If Not Intersect(Target, Range("N3:N25000")) Is Nothing Then
If Target.Count > 1 Then Exit Sub
If Target.Value = "Greyscale" Then Target.Value = "Color" Else: Target.Value = "Greyscale"
End If

Thank you, Tsjallie. I have to say it's not quite what I meant but it is very useful anyway.

This code will immediately change the cursor to be on the left of the cell I just clicked - which is helpful because then you can click twice to change the value - but what I meant is having the values as a default in the cell.

Thank you anyhow!