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The video tutorial discusses XOX trick number 714, demonstrating a 3 criteria lookup process using a workbook. Two criteria are within the actual records, while the third criteria is in a separate column. The example shown involves adding values for a specific sales representative in California. Two methods are demonstrated - one involves adding an extra column to join criteria, while the other uses IF and INDEX functions to retrieve values based on criteria. Adding an extra column is shown to be inefficient in Excel spreadsheets.
