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In this tutorial video, the presenter explains 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. Using an example of an employee handbook, the presenter shows how to replace the generic placeholder "company name," which is formatted in bold and brackets, by first copying the text (excluding any extra spaces) and then using the replace function located in the home ribbon under the editing area. The demonstration highlights caution to ensure no additional spaces are included during the replacement process.