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In this video tutorial, the author demonstrates how to use the Find and Replace feature in Microsoft Word. This tool enables users to easily modify text in a document, particularly useful for template documents. The example provided involves an employee handbook where a generic placeholder for the company name, formatted in bold and brackets, appears multiple times. The process begins by copying the placeholder text, followed by navigating to the Home ribbon and selecting the Replace option in the editing section. The user pastes the copied text but notices an extra space, prompting them to backspace to remove it before proceeding with the replacement.