Change table_name and field to match your table name and field in question:
table_name
field
UPDATE table_name SET field = REPLACE(field, 'foo', 'bar') WHERE INSTR(field, 'foo') > 0;
UPDATE table_name SET field = replace(field, 'string-to-find', 'string-that-will-replace-it');
UPDATE table SET field = replace(field, text_needs_to_be_replaced, text_required);
Like for example, if I want to replace all occurrences of John by Mark I will use below,
UPDATE student SET student_name = replace(student_name, 'John', 'Mark');