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In this video tutorial, the presenter explains how to use the "Find and Replace" feature in Microsoft Word. This functionality is useful for editing template documents by replacing specific words or phrases throughout. Using an example of an employee handbook, the presenter demonstrates how to replace the generic company name, which appears multiple times in the document. They copy the targeted text ("company name") along with its brackets, go to the Home ribbon's editing area, and select "Replace." After pasting the text, they notice an extra space was copied, which they then delete to ensure only the intended text is replaced.