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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 modifying specific words or phrases throughout a document, such as a template employee handbook. The example highlights replacing the placeholder "company name," which appears multiple times in the document. The presenter copies the text "company name" along with its brackets using Ctrl+C. They then navigate to the Home ribbon, select the Replace option, and paste the copied text with Ctrl+V. The presenter also notes the need to remove an accidental extra space that was copied.