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This text is simply called “placeholder” content. There are many reasons why we would use content like this including your site is not live, it has copyrighted material that we aren’t allowed to use, or because your website is currently down.
Having the right content on your website is vitally important to your Google ranking as well as for the branding of your company. We prefer to put a title to each text area and place special code on it so Google recognizes what the page and site are about. Using this technique is tricky because the keywords need to be present. If they aren’t your ranking could suffer.