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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 updating specific words or phrases throughout a template document. Using an example of a template employee handbook, the presenter shows how to replace a generic placeholder for the company name, which appears in various places in the document. The process involves selecting the placeholder text, copying it, navigating to the editing area under the Home ribbon, and using the Replace function to paste the copied text. The presenter also highlights the importance of removing any unintended spaces before executing the replacement.