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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 a template. The example used is an employee handbook containing a generic placeholder for "company name," which appears in various locations. The process involves selecting the placeholder text, copying it (Ctrl+C), and navigating to the Home ribbon's editing section to open the Replace function. The presenter pastes the text (Ctrl+V) but notices an extra space was copied, which they remove to ensure only the desired text is replaced.