Is is possible to make some kind of connection between Excel and Word in terms of copying text?

For example, I have a list in Excel, and in cells A1, A3 and A5 I do have some text. I would like to assign some "codes" to these cells, so when I open a Word document, I could easily type these "codes" and the text will be transferred from Excel to Word. The "codes" could simple be numbers 1, 2, 3 etc. so I could open Word, type 1 (and some additional buttons) and get the text from Excel.

I remember that there is a possibility in Word to make text blocks using F3 key, but I am not sure how could I use it in this situation. My wish is to automatically make a transfer, since the text I already have in Excel is not typed by me - it is automatically put in by another program (the Excel document is just an output file).

Thank you very much.