Is there something similar in Word?
Not as far as I know. However, by introducing a small amount of complexity
you /might/ be able to make things much easier for yourself than they are
now, at least if your labels just contain text and no formatting, e.g.:
a. maintain the data you want to print as labels in Word documents
containing a table with one column with a column name (let's call it "label"
in the top cell). Once you have created a word document with a suitable
table in it, you can save it (perhaps as a Word template) and use it as the
basis for new "label jobs". Put the text for each label in a single cell.
The layout of the table is not important - just organise it so it's easy to
type the label texts. Make sure you have saved this document before step (b)
b. instead of using Tools|"Letters and Mailings"|"Envelopes and Labels" in
Word to produce your labels, use Tools|"Letters and Mailings"|"Mail Merge
Wizard" (later, you might find it easier to use Tools|Customize to enable
the Mail merge toolbar and start clicking the icons starting at the left
hand end). Follow the wizard through - when you get to Step 3, select "Use
an existing list", click Browse, and select the data document you created in
(a).
c. In step 4, click "More items". You should a field called "label" listed.
Insert it, then go to the next step (preview). You should just see data in
the first cell. If you need to adjust the layout (e.g. paragraph layout),
change it in here in cell 1. Then, assuming you can achieve the layout you
want, go back to step 3 and click the "Update all labels" button.
d. go through the remaining steps in the merge and check the output. If all
is OK, save the document.
e. then go through the same process (b to d) for the other type of label,
and save that document.
What you should have now is two layouts that
a. can produce the labels you need
b. can be attached to other data sources. So if you want to do some new
labels, you can type them into a new Word document (as in (a), open each
mail merge document in turn, change the data source, do the merge.
There are other possible ways to organise your work - for example, you could
put all your label data in a single Word table with an extra column for an
identifier, then use the Edit recipient facility in the merge wizard to
select only those labels with a particular identifier.
However, if you have images in your data source or need to specify
formatting such as italics, bold etc., this approach will not work. If it's
just formatting you need, you /might/ be able to do that by changing the {
MERGEFIELD label } fields in the merge main document to just have { label }
instead. A problem there is that Word will always fill up any blank labels
on a sheet with copies of the lat label.