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In this video tutorial on Microsoft Publisher 2016, the presenter explains how to replace text boxes, including both placeholder and default text. The demonstration begins with a flyer that contains various objects, indicating their types and content as the presenter navigates through it. By zooming in, viewers can observe the distinction between generic text and more specific text, like a business name, as well as the presence of images. Upon clicking a generic text box, the text is automatically highlighted, allowing the presenter to replace it easily by typing in new content. The tutorial aims to provide clear guidance on editing text in Publisher.