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In this video tutorial, the presenter 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 in a template. Using an employee handbook as an example, the presenter highlights how "company name" appears in multiple locations. To replace it, the presenter copies the phrase along with its brackets using Ctrl + C, then navigates to the Home ribbon, selects the Replace function under the editing section, and pastes the copied text with Ctrl + V. The presenter also notes the need to remove any accidentally copied spaces prior to executing the replacement.