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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 helpful for replacing a specific word or phrase throughout a document, particularly useful for template documents. The example shown is an employee handbook that contains a placeholder for the company name, formatted in bold and brackets. The presenter copies the placeholder and navigates to the Home ribbon's editing area to access the Replace function. They paste the copied term but realize a space was inadvertently included in the selection, prompting them to correct it by backspacing to ensure only the intended text is replaced.