In MS Word, I have this:

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But what I want is this (below)

enter image description here

How do I bring my cursor (and current-place-bullet) back to that indentation-bullet-point-level?

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Question very nicely explained, thanks for the effort. – Bora Sep 15 '11 at 5:10
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6 Answers

up vote 21 down vote accepted

Shift-tab will do this.

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In addition to the other answers, there are toolbar/ribbon buttons for "Decrease Indent" and "Increase Indent".

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Oh, and one more - I believe if you hit Enter when on a blank item in your list, it decreases its indentation level as well.

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Use Shift+Tab to step back out of the indentation:

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Ctrl + M / Ctrl + Shift + M controls the indentation level of your bulletted/numbered lists.

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i find if i just press enter twice i get to there?

enter once after "delete P..." to get to "delete M..." then twice to get up another level to where your arrow points

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I tried to upvote Bec, as that answer is the best one. Word 2007 multilevel-lists (for all their shortcomings) are slick in their designed use of the Enter key.

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