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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 replacing specific words or phrases throughout a document, such as a template. The example used is an employee handbook, which contains a placeholder for the company name in various sections. The presenter shows how to select the placeholder text (in bold and brackets), copy it, and then access the Replace option in the home ribbon under the editing area. They paste the text into the replace field and note the need to remove any accidental spaces before proceeding with the replacement.