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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 in a template document. As an example, the presenter uses an employee handbook that contains a generic placeholder for the company name, which appears multiple times in the document. To replace it, the presenter selects the placeholder text (company name in bold and brackets), copies it using Ctrl+C, and then navigates to the Home ribbon's editing section to click on Replace. The presenter pastes the copied text (using Ctrl+V) but notes that an accidental space was included, and they backspace to remove it before proceeding.