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In this video tutorial, the instructor demonstrates how to use the Find and Replace feature in Microsoft Word. This function is useful for replacing specific words or phrases across a template document. The example used is an employee handbook with a placeholder for the company name, indicated in bold and brackets. The instructor copies the text of the placeholder using Ctrl + C, then navigates to the Home ribbon to access the Replace option. After pasting the copied text with Ctrl + V, the instructor notices an extra space and corrects it by backspacing, ensuring only the intended text is replaced throughout the document.