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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 useful for updating a template document by replacing specific words or phrases throughout the text. Using an employee handbook as an example, the presenter highlights a generic placeholder for the company name, found in multiple instances within the document. To replace the placeholder, they copy the text within brackets and paste it into the Find and Replace dialog. The presenter also notes the importance of removing any accidental spaces copied, ensuring only the desired text is replaced.