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In this video tutorial, the presenter demonstrates how to use the "Find and Replace" feature in Microsoft Word. This tool is useful for replacing specific words or phrases throughout a document, particularly in template documents. In the example provided, the presenter uses an employee handbook template that includes a placeholder for the company name, which is formatted in bold and brackets. To replace it, the presenter copies the placeholder text and navigates to the "Replace" option under the editing area in the home ribbon. After pasting the text for replacement, the presenter corrects an error by removing an unintended space.