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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 in a template document, such as a company handbook. The example highlights the need to replace a generic placeholder for the company name, which is shown in bold and brackets. The steps include selecting the placeholder text, copying it using Ctrl+C, and then using the replace function found in the editing area of the home ribbon. The presenter notes the importance of ensuring there are no unintended spaces copied and demonstrates how to correct this before pasting the text.