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In this tutorial on Microsoft Publisher 2016, the instructor discusses how to replace text boxes, including both placeholder and default text. Using a flyer as an example, they demonstrate the various objects present, highlighting how to identify different text types by hovering over them. The instructor zooms in to show generic text alongside more specific items like business names and images. When clicking on the generic text, it automatically highlights, allowing users to easily replace it by typing in new content, such as the video title "replace publisher plac." The video aims to guide users in editing text effectively within their Publisher projects.