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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. The example used is an employee handbook that includes a placeholder for the company name, which appears in multiple locations. The presenter begins by selecting the text "company name" within brackets and copying it. They then navigate to the Editing section of the Home ribbon, click on "Replace," and paste the copied text. The presenter notes that they need to remove an accidental space copied along with the text before replacing it.