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In this video tutorial, the presenter explains how to create an RFP (Request for Proposal) response template using Microsoft Word. They provide a walkthrough of the essential elements to include. The first key component discussed is the cover page, which may have specific requirements depending on the RFP. It's recommended to include the RFP number for internal tracking and to prominently display the title in a large font for easy visibility. The presenter showcases an example of a template available for purchase and emphasizes the importance of including these elements in your RFP response template.