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In this tutorial, the video demonstrates how to use the Find and Replace feature in Microsoft Word. This function is useful for making consistent updates in a template document, allowing you to replace specific words or phrases throughout the text. The example given involves an employee handbook template with a placeholder for the company name appearing in various locations. To replace it, the speaker selects the placeholder text (including brackets) and copies it, then navigates to the Home ribbon, clicks on the Replace option, and pastes the copied text. The speaker also corrects an accidental space in the copied text to ensure proper replacement.