Returning Value in a separate cell based upon specific text in another cell.

Is it possible in Excel 2010 to populate a cell with a certain text value based off of a value that a prior cell text value is?

Example

Column A will be for "Vendors" and Column B will be for "Vendor Codes"

Cell A1 can contain for example three possible separate companies (only one at a time however), lets say Roadsafety, Excavators, and DrillTech as examples.

Each company has its own "Vendor Code," Lets say the following is true:

RoadSafety's Code is RS, Excavators' code is EX, and DrillTech's code is DT.

Is it possible to make it so that whenever I type in a certain company's name in Column A, it will automatically spit out the Vendor Code in Column B? 

It would look like this

    A                 B

1 Roadsafety   RS

2 DrillTech      DT

3 (blank)

4 (blank)

5 (blank)