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In this video tutorial, the presenter explains how to use the Find and Replace feature in Microsoft Word. This function is useful for replacing specific words or phrases throughout a document, such as in a template. The example used is an employee handbook that contains a placeholder for the company name, which is formatted in bold and brackets. The process involves selecting the placeholder text, copying it with Ctrl+C, and then navigating to the Home ribbon, clicking on Replace in the editing area, and pasting it with Ctrl+V. The presenter also notes the importance of removing any accidental spaces copied along with the placeholder text to ensure a clean replacement.