For example, you are preparing invitations for a conference where the keynote speaker has not yet been decided. you can leave placeholders for the speaker’s name throughout the document and include a set placeholder rule, where you enter the speaker’s name once and it appears in all placeholders.
placeholders are reference fields; the set bookmark rule inserts a field that is not displayed in the document (unless you press alt+f9 to display the field codes).
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places the cursor anywhere in the document.
go to mails > rules> set bookmark, type a name, then select ok.
place the cursor where you want the placeholder text to appear.
go to insert > quick parts > field and select ref.
choose the name of the bookmark you just created and select ok.
insert the reference field where you want the placeholder text to appear.
Before running the merge, right-click the set field, select edit field, and enter your desired text in the text box.
select accept.
more information: field codes: set field