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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 in a template. The example used is an employee handbook, which contains a placeholder for the company name in several locations formatted in bold and brackets. The presenter shows how to copy the specific placeholder, navigate to the editing area in the home ribbon, and use the Replace feature. Additionally, the importance of removing any unwanted spaces from the copied text before performing the replacement is highlighted.