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In this video tutorial, the presenter demonstrates how to use the "Find and Replace" feature in Microsoft Word. This function allows users to substitute specific words or phrases throughout a document, such as a template. The example used is an employee handbook with a generic placeholder for the company name, which appears in bold and brackets. To replace it, the presenter selects the text, copies it using Ctrl+C, and then accesses the "Replace" option in the home ribbon under editing. After pasting with Ctrl+V, the presenter removes an unwanted space before proceeding with the replacement, ensuring an accurate update of the document.