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For Visualforce we are using custom labels as described here:
https://developer.salesforce.com/docs/atlas.en-us.pages.meta/pages/pages_variables_global_label.htm
The usage is very simple:
{!$Label.yourLabelName}
Labels are a very important building brick if it comes to I18n/L10n and translations using Translation Workbench.
Are they supported in Lightning Components yet?
Use custom labels in Lightning components with the $Label global value provider.
Use this syntax to access custom labels in Lightning components:
$Label.c.labelName for the default namespace
$Label.namespace.labelName if your org has a namespace Here are some examples.
Label in a markup expression using the default namespace
{!$Label.c.labelName}
Label in JavaScript code if your org has a namespace
$A.get("$Label.namespace.labelName")
