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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 particularly useful for updating template documents by replacing specific words or phrases consistently throughout the text. Using the example of an employee handbook, the presenter highlights the generic placeholder for the company name, which appears multiple times in the document. They begin by copying the placeholder (including the brackets), then navigate to the editing section under the home ribbon and select "Replace." The presenter pastes the copied text, noting the inclusion of an accidental space and correcting it before proceeding.