If you are giving a presentation the old fashioned way, using PowerPoint, and you don't have a laser pointer, you can use your PC's mouse as a fake one.
You simply tell PowerPoint to change the mouse icon into a little red dot. This isn't a new feature for Office 365. Older versions do this, too. But Microsoft did include this feature in the version of Office that runs on the iPad released earlier this year.
Even though the iPad doesn't use a mouse, if you hold your finger or stylus down on the iPad, the red button fake laser pointer will appear.