Pointing at fiels salutations, being part of 'First Name'

Using formula fields I would like to get the following output based on the value of Salutation of 'First Name'. The field 'First Name' seems to have two vales, the salutation (Mr, Ms, Dr., ...) and the actual string first name. Please see attached file.

In the formula library I can only address 'First Name' but not the salutation.

The expected output of the formular field should be like this:
IF Salutation is 'Herr' => "Sehr geehrter Herr"

IF Salutation is 'Frau' = "Sehr geehrte Frau"

Side note: In a different step I wold also to customize the salutation values and add the following options:

'Herr Dr.'

'Frau Dr.'

...

Great if someone knows how to address the salutation field or part explicitly. Or has another options; I try to avoid adding a new fields were I have to manually set a value.

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