A family of Microsoft word processing software products for creating web, email, and print documents.
You can use a shape. For shapes to show, you need to work in print layout mode.
- Select View > Page Layout (or click on the 4th icon at the bottom edge of your document)
- In the Ribbon, click on the first tab (Home)
- All the way to the right, click on the icon with a blue circle/triangle/square. It's a dropdown menu.
- Select the circle/oval under Basic Shapes
- Click and drag to draw a circle (holding Shift) or an oval (don't hold Shift)
The default setting is a light-blue filled circle that will repel the text (it won't let it overlap). Let's correct that:
- Right click on the new shape (or Control click)
- Select Format shape, then Fill and chose No fill (or choose a color and increase the transparency).
- Under Line, you can change the line type, color and thickness.
- Now click on Layout and select In front of text. This will stop the repelling of text. You can also send it behind.
- Click OK

If you need those often, it would be convenient to set their parameters as default:
- Click on a model shape (your modified circle, in this case)
- Select Set as default shape
For best results, click on the paragraph where the word is before creating the shape. This will make the shape attach to that paragraph. You can use the Zoom control as well.
To create a quick duplicate, Option-Drag a shape or Copy and Paste it somewhere else.