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In this video tutorial, the presenter demonstrates how to use the Find and Replace feature in Microsoft Word. This function is useful for replacing specific words or phrases throughout a document, such as a template. The example used is an employee handbook that contains a placeholder for the company name, indicated in bold and brackets. The presenter copies the placeholder with Ctrl+C, accesses the Replace option under the editing section of the home ribbon, and pastes it with Ctrl+V. They also highlight the importance of removing any unintended spaces that may have been copied to ensure an accurate replacement.