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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 updating specific words or phrases throughout a document, such as a template. The example provided is an employee handbook with a placeholder for the company name, which appears in multiple locations formatted in bold and brackets. The presenter selects the company name along with the brackets, copies it using Ctrl+C, and navigates to the "Home" ribbon under the editing area to click on "Replace." They then paste the copied text with Ctrl+V, noting that they need to remove an extra space that was inadvertently copied before proceeding with the replacement.