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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 a specific word or phrase throughout a document, such as in a template. The example used is an employee handbook where “company name” appears multiple times. The presenter copies the phrase, including the brackets, and navigates to the Home ribbon to access the "Replace" option. After pasting the phrase into the replace field, they notice an accidental space that was copied and backspace to correct it. This process streamlines updating documents efficiently.