Add in-line text to a Word document from a separate source document or file

Hello,

When creating a document in MS Word (2013), what is the best or simplest way to add an in-line quotation or other text from a separate source document or file?

For example, suppose you have an Excel file which, in one column (say B), contains a list of quotations from a variety of individuals. And suppose an adjacent column (A) contains indexing or reference entries, in no specific order, consisting of the person's initials combined with a number.

For instance, say the list includes four quotations from Winston Churchill. These would appear in columns A & B as follows:

  A                B
wc01        "Character may be manifested…"
wc02        "Courage is the first of human qualities…"
wc03        "Men occasionally stumble…"
wc04        "Never in the field of human conflict…"

Now, suppose that as you are writing or editing your word document, you plan to include many of the quotations in the form of in-line insertions — but not in any particular order and perhaps more than once.

That could obviously be done, for a given quotation, by finding it in the list and then inserting it by copy/paste. But is it possible instead, to accomplish the same thing more quickly by somehow entering only that quotation's reference or lookup code?

Thanks