Label is a short phrase or a word. 

Creating

All labels are generated. You can mark one text as a Label in the view designer, or manually add the k-label attribute to the HTML code of Dom objects like page, layout or view.  After saving that object, the label will be automatically generated. 

For example, below code will generate a label with the name of "labelname", and default value as "Original Text".  When renering the page, the "Original Text" within the span tag will be replaced with the label value. 

<span k-label="labelname">Original Text</span>

To delete a label, you need to remove the k-label attribute from the original source, after save, the label will be removed.

Editing

Go to "Contents" -- "Labels". 

You can see all the generated labels there. 

Mouse over the edit icon and click to open the Label editing window. 

If you have multilingual enabled on your website, you can see the values of all languages. Change the label value, your page will be updated with the new value.