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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 updating specific words or phrases throughout a document, such as a template. The example used involves an employee handbook with a placeholder for the company name, which appears multiple times in the text. The presenter selects the placeholder text (including the brackets) and copies it using Ctrl+C. They navigate to the Home ribbon, click on the Replace option in the editing section, and paste the text with Ctrl+V. The presenter notes the need to remove any inadvertent spaces that were copied to ensure accuracy in the replacement process.