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In this video tutorial, the presenter explains how to use the "Find and Replace" feature in Microsoft Word. This function is useful for editing template documents by replacing specific words or phrases. The example provided involves an employee handbook that contains a placeholder for the company name, highlighted in bold and brackets. The presenter demonstrates the process by copying the placeholder, accessing the "Replace" option under the editing area in the home ribbon, and pasting it into the relevant field. They also point out the importance of removing any accidental spaces copied during this process to avoid unwanted replacements.