We can use "storeSelectedLabel" Command only with drop down and list box. When you want to know or you need to compare selected option value of drop down with some other value at that time first you need to store value of selected label. In such condition you can use "storeSelectedLabel" Command. Let we see with example.
In above example, First command "storeSelectedLabel" will store selected label name of drop down(ctrl55_Contentitem_State) into variable "value". Here "ctrl55_Contentitem_State" is the name of dropdown. You need to replace it with your drop down id or name or xpath. Here keep in mind one thing, You can use "storeSelectedLabel" only with single selected label. If you have list box and multiple options selection then you have to use "storeSelectedLabels" command to store all selected label names. See bellow description for more info.
"storeSelectedLabels" Command will be used with multiple selected options. It will store all selected labels name. In above example, second command "storeSelectedLabels" will store all selected labels name of drop down(ctrl55_Contentitem_State) into variable "values".