I have a suggestion for a better way to use the label feature

I would like to suggest that the label feature and the mailing list feature be combined in a new feature that allows labeling by group. Currently I have to create labels for each person in a group, as they have no similarities in name, subject, email address, etc. (e.g. "friends"). However, if I could create a "friends" label for everyone in my "friends" category, I can kill dozens of birds with one stone. Is this an existing feature? If not, does Google have plans to incorporate this feature soon?

Thank you!
Allison