Hi folks need some excel help.

In one column I have created drop down designated to a piece of equipment. this is a "text" entry. I want to be able to select these pieces of equipment and associate a number (i.e. 525, 550,575) to the specific piece of equipment in another cell in the spread sheet.
I was thinking that using an "if, then, else" statement would work like .... if equip=1,2,3,4,525,5,6,7,8,550. So what I am thinking is that if I type a 1,2,3,4 I can put a 525 in the cell or if I type 5,6,7,8 I can get 550 in the cell.
Problem is it appears that the equation doesn't differentiate so its is basically a string of numbers. how can I accomplish this task? Could I use an "or" between the equipment type?

Thanks in advance