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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. The example used is an employee handbook where the company name is indicated in bold and brackets. To replace the company name, the presenter copies it (including the brackets) and accesses the "Replace" function from the Home ribbon. After pasting, they notice an extra space was copied and remove it to ensure only the desired text is replaced without any additional spaces.