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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 useful for replacing specific words or phrases throughout a document, such as in a template. As an example, the tutorial uses an employee handbook template, highlighting the need to replace a generic placeholder for the company name, which appears in several locations. The presenter shows how to copy the placeholder text from the document and paste it into the Find and Replace tool. Additionally, they note the importance of removing any inadvertently copied spaces before proceeding with the replacement.