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In this video tutorial, the presenter demonstrates how to use the Find and Replace feature in Microsoft Word. This function is particularly useful for updating template documents. An example provided is an employee handbook with a placeholder for the company name, which appears in various locations throughout the document. The presenter selects the placeholder "company name" along with the brackets, copies it using Ctrl + C, and navigates to the Home ribbon to click on the Replace option. They paste the copied text with Ctrl + V but notice an extra space was included, prompting them to backspace to remove it before proceeding with the replacement.