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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. The example used is an employee handbook where "company name" appears in several locations. The presenter copies the phrase "company name" along with its surrounding brackets and navigates to the Home ribbon's editing area to click on "Replace." After pasting the copied text, the presenter notices an extra space that was included and backspaces to remove it, ensuring only the intended text is replaced.