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The major benefits of using styles in MS Word are:
1) Consistency - you can be sure that all of your headings are the same if you format them using a style.
2) Time saving - you can apply all the formatting that a section means in one go. No more changing the font, then the size, then the colour, then the alignment etc.
3) Changes can be made globally - to make a change to all of your main headings would normally be a pain. You'd have to search through your document, find each heading and make sure you made the changes correctly each time. With Styles, you don't need to worry. Just modify the style and your changes will be reflected everywhere you've used that style.
4) Advanced features - If your document is formatted using styles, then advanced features like Table of Contents can be created in a matter of seconds.