Substitute word from one pick list with a word from another picklist

Welcome to the forum.

Try in C1 and drag down:

Formula:

=IF(LEFT(A1,3)="New","New"&" "&XLOOKUP(A1,$M$1:$M$4,$N$1:$N$4,"Not found")&" "&SUBSTITUTE(SUBSTITUTE(A1,"Customer ",""),"New",""),IF(LEFT(A1,4)="Last","Last"&" "&XLOOKUP(A1,$M$1:$M$4,$N$1:$N$4,"Not found")&" "&SUBSTITUTE(SUBSTITUTE(A1,"Customer ",""),"Last",""),XLOOKUP(A1,$M$1:$M$4,$N$1:$N$4,"Not found")&" "&SUBSTITUTE(A1,"Customer ","")))

Good luck!