There used to be profiles even in Nokia 1200, not to mention Android, where the user could select different sound profiles e.g. for meeting, outdoors, silent, etc. To my surprise, I see no option in Windows Phone 8.1. Is the only solution to sound profiles in Windows Phone to manually lower down the sound volume of the smartphone (So that it becomes just vibrating and has no sound)?
You cannot create sound profiles. However, Quiet Hours may do what you want. You can find out more about it here.