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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 shared involves an employee handbook, where the generic placeholder for the company name appears multiple times. The presenter selects the placeholder (including brackets) and copies it using Ctrl+C. Then, they navigate to the Home ribbon, select the Replace option under the editing area, and paste the copied text with Ctrl+V. They note an extra space was copied accidentally and delete it to ensure it doesn't get replaced.