Word's watermark 'feature' is pretty much an all-or-nothing affair. If you want different 'watermarks' on different pages, you could simply open the page header(s) and insert 'watermarks' or your own. The best way of doing this really depends on how you want them to work. For example, if you want one 'watermark' to appear on the first page and a different one thereafter, you don't need Section breaks; all you need is to use a 'different first page' setup. Similarly, you can use a 'different odd and even pages' setup - with or without the 'different first page' setup - to have different 'watermarks' on odd and even pages. Only once your requirements are more complex than that might you need to resort to Section breaks, etc.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]