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In this video tutorial on Microsoft Publisher 2016, the instructor explains how to replace text boxes, including placeholder and default text, using a flyer as an example. The flyer contains various objects, each with distinct boundaries that indicate the content type within them. The instructor demonstrates zooming in on the flyer to showcase both generic and specific texts, such as business names, as well as images placed within certain objects. By clicking inside a text box, the text is automatically highlighted, and the instructor shows how to replace it by typing a new entry, continuing to emphasize the process of updating content effectively.