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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 template document. Using an employee handbook as an example, the presenter shows how to locate the generic placeholder for the company name, which appears in multiple locations. The process involves selecting the placeholder text, copying it (Ctrl + C), and navigating to the editing section on the home ribbon to click "Replace." The presenter ensures that any extra spaces copied are removed before pasting the correct text to replace all instances in the document.