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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, particularly in template documents. Using an example of an employee handbook, the presenter shows how to replace "company name," which is highlighted in bold and brackets, with the actual company name. The process begins with selecting the phrase, copying it (Ctrl+C), and accessing the replace option under the home ribbon. After pasting (Ctrl+V), the presenter notes the accidental inclusion of a space and corrects it before proceeding, ensuring only the intended text is replaced.