Instead of having to create effects, fills, colours and properties for your design from scratch, the Layer FX panel's Styles section can be used to apply a pre-designed style to your object (shape, artistic text or frame text). If you want to save a combination of the above attributes for future use, these can be stored in the panel as a custom style.
A dedicated Style Picker Tool can also be used to transfer styles between objects on the page.
After sampling a style: