Color code calendar events by type

I've found that you CAN edit the color of meetings by opening the meeting, editing it, and then selecting the color from the available options. However, it's a few extra steps than desireable. I'd like to be able to just right click on a meeting that's already in my calendar and have the option of selecting the color instead of having to go in and edit the meeting.

Thanks!!!

Same principle… using a shared calendar for the team and it would be helpful to designate days off, shift coverage, etc. without having each team member to manually change.