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In this video tutorial, the presenter explains 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 where "company name," marked in bold and brackets, needs to be replaced. The presenter demonstrates by copying the phrase, going to the Home ribbon, and selecting the Replace option. After pasting the copied text, the presenter notices an extra space was included and backspaces to eliminate it before proceeding with the replacement.