Go to the link that Graham gave you. Watermarks are images. Generally they are faded and in the background. The Watermark feature in Word is designed to put a watermark on a page, not on a part of a page. Your business card template is a Word table (as are all properly designed label templates).
Changes in Word are incremental. It is rare for a solution that works in Word 2000 to not work in Word 2010 or 2016. There was a major shift in how to reach commands with Word 2007, and changes since then have been very incremental.
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