Conditionally format cells based on text contained in other cell

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Hi - I am running Microsoft Excel for Mac 2011 and want to conditionally format an array of cells based on the text contained in another cell. For example:
Cell O1 contains a drop down list and depending on the text displayed I would like the array of O4:R15 to change colour. When "Proposed Price $" is displayed I would like the cells to be red and when "Agreed Price $" is displayed I would like the cells to be green. Note that the cells in the array contain other values or formulas.

Is it possible to do this? Please advise