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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 a specific word or phrase throughout a template document. The example used is an employee handbook containing a placeholder for the company name, which appears multiple times in the document. The presenter copies the text "company name" along with the brackets, then navigates to the home ribbon, clicks on the replace option, and pastes the copied text. They also notice an extra space that was unintentionally copied and explain the need to remove it before proceeding with the replacement.