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Today's video tutorial focuses on Conditional Formatting in Excel, demonstrating how to use formulas in Conditional Formatting and how to format a range based on the value of another cell. The example provided involves highlighting rows in Excel based on a sales value in that row. Two different versions are shown: highlighting values and highlighting entire rows. Conditional Formatting is necessary for adjusting formatting based on a condition. To apply Conditional Formatting, the user needs to highlight the desired range and go to the Conditional Formatting settings.