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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 in a template. The example provided involves an employee handbook that contains a placeholder for the company name in various locations. The presenter selects the placeholder (the company name in bold and brackets), copies it, and navigates to the editing area in the Home ribbon to click on Replace. They paste the copied text but notice an extra space that was included by mistake and backspace to remove it, ensuring only the desired text is replaced.