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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 particularly useful for replacing specific words or phrases throughout a document, such as in a template. The example used is an employee handbook where "company name" appears multiple times in brackets. To replace it, the presenter copies "company name" along with the brackets, navigates to the Home ribbon, clicks on "Replace," and pastes the text. The presenter also notes a small mistake of copying an extra space and corrects it by backspacing to ensure only the desired text is replaced.