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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 updating specific words or phrases throughout a document, such as a template employee handbook. The example shown involves replacing a generic company name, which appears multiple times in bold and brackets. The presenter copies the text, including the brackets, and navigates to the Home ribbon to access the Replace function. After pasting the copied text, they notice an extra space was included and clarify that they will backspace to remove it before proceeding with the replacement.