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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, particularly in template documents. The example given involves an employee handbook where the company name, formatted in bold and brackets, needs to be replaced. The presenter copies the text, accesses the Replace tool in the Home ribbon under the editing section, and pastes the text. They notice an extra space was copied and correct it by backspacing to ensure the replacement is accurate.