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In this video, the tutorial demonstrates how to use the Find and Replace feature in Microsoft Word. This tool is useful for replacing specific words or phrases in a template document. The presenter uses an example of an employee handbook, highlighting a placeholder for the company name, which appears in bold and brackets throughout the document. To replace it, the presenter copies the placeholder using Ctrl + C, then navigates to the Home ribbon and clicks on Replace. After pasting the copied text with Ctrl + V, the presenter notices an unintended space and removes it before proceeding to replace the text accurately.