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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 document, such as a template employee handbook. The example highlights the need to replace a generic company name, which is formatted in bold and brackets, appearing in multiple places. The presenter selects the company name along with the brackets, copies it, and navigates to the editing area on the home ribbon to click on "Replace." They paste the copied text but notice an extra space that was accidentally included, which they remove to ensure the replacement is accurate.