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In this video, the tutorial 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 where the generic term "company name," presented in bold and brackets, needs to be replaced. The process involves copying the term along with the brackets (using Ctrl+C), navigating to the Editing area under the Home ribbon, selecting "Replace," and pasting the copied text (using Ctrl+V). The presenter notes an extra space was copied that should be removed before proceeding with the replacement.