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In this video tutorial, the speaker demonstrates how to use the "Find and Replace" feature in Microsoft Word. This function is useful for replacing specific words or phrases throughout a document, such as a template. The example provided involves an employee handbook with a placeholder for the company name, formatted in bold and brackets. The speaker copies the placeholder text, navigates to the "Editing" area on the Home ribbon, and clicks "Replace." They paste the copied text but notice an extra space was included, which they backspace to avoid replacing it. This process simplifies updating uniform information in documents.