Look leftwards with INDEX and MATCH

MATCH finds where something is rather than what it is: =MATCH("Monitor arm",B2:B7,0) returns 3, because Monitor arm is the third cell in that range. The zero at the end means exact match, and it should almost always be there.

INDEX does the opposite job. It reads what is at a position. =INDEX(A2:A7,3) returns the third cell of that range, which is P-300. On its own that is only useful when you already know the position.

Put them together and the position MATCH finds becomes the position INDEX reads, in a different column, which may be anywhere relative to the first. That is the whole technique, and it is why INDEX and MATCH stayed popular for twenty years before XLOOKUP arrived to do the same job in one function.