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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, such as a template. Using an example of an employee handbook, the presenter shows how to identify and select the text "company name" along with its brackets, and copy it using Ctrl + C. Next, they navigate to the Home ribbon, click on the Replace option under the editing section, and paste the copied text with Ctrl + V. The presenter notes that they need to remove an accidentally copied space before completing the replacement process.