Populating form field with selected values from shared field

There are a few ways you can use the "Type" of company to filter or show specific things.

One way is through dynamic filters.  Those are the filters on the left of reports that allow you to filter the report, based on one or many criteria.  
YOu can have up tp 5 dynamic filters per report.

Another way you can use that 'type' is use what is called dynamic form rules.  These can show or hid other fields on your entry form, based on the criteria you pick.