Is there a way to label certain text at different locations, so that I can change the font, color style etc. for all of it at the same time?

From your brief description you need to create a paragraph or character style with the format you require and apply it to the text in question. You can change all at once by modifying the style.

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Graham Mayor - MS MVP (Word) (2002-2019)
Visit my web site for more programming tips and ready made processes www.gmayor.com

Sound like what I need. How do I do that?

This is the most basic aspect of using Word - see http://shaunakelly.com/word/styles/stylesms.html

__________________
Graham Mayor - MS MVP (Word) (2002-2019)
Visit my web site for more programming tips and ready made processes www.gmayor.com

If you need more or a different take see Understanding Styles in Microsoft Word. (Note, start with the link Graham gave you first.)