This feature is for Administrator level logons. Editing dropdown value names can help tailor Leads 365 to your business. This makes Leads 365 more comfortable to work in. Before implementing changes take some time to make sure your edits work best for you company.
You can use the "Labels" section to change field names, and the "Dropdown" section to change options in any standard Dropdown field.
The best example of a dropdown is the "Lead Stage" this field has values which are Validation, Prospecting, Pipeline, Forecast etc. In this example, stage is the dropdown field and the values are Validation, Prospecting, Pipeline, Forecast. Values are what you will be able to rename or add.
If you want to edit a value of a dropdown field, go to homepage and expand the "System" tab.
And then click on "Labels & Dropdowns".
You can now choose a field that you would like to edit. If you choose Stage, the values/answer of Stage will show on the multi-select box.
In this case, I will choose "Stage" and rename one of the values called Validation.
As seen below the Validation value/ stage has been changed to Verified.
You can either click "Save Edit" when you are editing an existing value or just "Add as New" if you want to include more on the list.