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In this video tutorial, the instructor demonstrates how to use the "Find and Replace" feature in Microsoft Word. This tool is useful for replacing specific words or phrases throughout a document, such as a template. Using an example of an employee handbook, the instructor identifies a placeholder for the company name, which appears multiple times in brackets. The process involves copying the text, including the brackets, and accessing the "Replace" option in the editing area of the home ribbon. The instructor highlights the importance of eliminating any accidental spaces copied during this process before executing the replacement.