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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 beneficial for updating template documents by replacing a specific word or phrase throughout the text. Using an example of a template employee handbook, the presenter illustrates replacing a generic placeholder—"Company Name" enclosed in bold brackets. The process involves copying the placeholder text (including the brackets) and using the "Replace" function found in the editing section of the home ribbon. The presenter notes an error of copying an extra space and corrects it before proceeding.