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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 particularly useful for template documents where a specific word or phrase needs to be replaced throughout the document. Using an example of an employee handbook, the presenter highlights a generic placeholder for the company name, which appears in bold and brackets. To replace it, the presenter copies the placeholder (including the brackets) and navigates to the Home ribbon to access the Replace option. They paste the copied text, but notice an extra space included and correct it before proceeding. This showcases the functionality of the Find and Replace tool in efficiently updating documents.