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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 replacing specific words or phrases throughout a document, such as in a template. Using an example of an employee handbook, the presenter highlights a placeholder for the company name, which appears multiple times. To replace this text, the presenter selects the text within brackets, copies it, and navigates to the "Replace" option in the editing area of the Home ribbon. The presenter then pastes the copied text into the Find field but notices an extra space that needs to be removed before proceeding with the replacement.