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In this video, the tutorial demonstrates how to use the Find and Replace feature in Microsoft Word. This function is useful for replacing specific words or phrases in a document, such as a template. The example given is an employee handbook where "company name" appears multiple times in bold and brackets. To replace it, the instructor copies the text, including the brackets, and navigates to the Replace option under the Home ribbon in the editing area. After pasting the copied text, the instructor notices an extra space and removes it, ensuring that only the intended text will be replaced.