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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. For instance, in an employee handbook template, the term "company name" appears multiple times within brackets. The presenter copies this phrase and, using the Home ribbon under the editing section, clicks on "Replace" to paste it for replacement. They note an accidental inclusion of a space and explain the need to remove it to ensure only the intended text is replaced, highlighting the importance of accuracy in this process.