VerifySelectedLabel

There is drop down button in my web page,where I can select one of the three options : Red,Blue, Green. Suppose I select Red.

When I use verifyselectedlabel command it does not recognise drop down and shows error : ElementorganizationForm:receiverPanelTab:receiverTab:colorId not found

Command : verifyselectedlabel
Traget : organizationForm:receiverPanelTab:receiverTab:colorId
Value : Red

But when i use verifytextPresent then it recognizes Red text

Command : VerifyTextPresent
Target:      Red

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Is it right to use verifytextpresent to verify drop down value?