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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 replacing specific words or phrases throughout a document, such as a template. The example provided involves an employee handbook with a placeholder for the company name, which appears multiple times in bold and brackets. The process includes selecting the text (company name in brackets) and copying it (Ctrl+C). The presenter then navigates to the Home ribbon, clicks on Replace in the editing area, and pastes the copied text (Ctrl+V). They also note the importance of removing any accidental spaces to ensure accurate replacement.