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In this video tutorial, the presenter explains how to use the "Find and Replace" feature in Microsoft Word. This tool is useful for replacing specific words or phrases throughout a document, such as in a template. The example used is an employee handbook where "company name" appears multiple times. The presenter shows how to select the phrase "company name" (in bold and brackets), copy it (using Ctrl + C), and then access the "Replace" function under the home ribbon's editing area. After pasting the copied text (Ctrl + V), they notice an extra space included and demonstrate how to delete it to ensure only the phrase is replaced.