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In this video tutorial, the presenter demonstrates how to use the Find and Replace feature in Microsoft Word. This tool is useful for replacing specific words or phrases throughout a document, such as a template. For example, using an employee handbook template, the presenter identifies a placeholder for the company name, which appears in multiple locations, formatted in bold and brackets. To replace it, the presenter copies the placeholder (including the brackets), navigates to the Home ribbon, selects the Replace option, and pastes the copied text. They also point out the importance of removing any accidental spaces before finalizing the replacement.