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There are basic effects available in the Effects menu like Convert to shape, Crop marks, distort & transform.
Suppose you create a rectangle and realize you wanted a rounded rectangle, or vice-versa. An easy way to do that is to apply an effect. With a shape selected, choose effect> Convert To Shape > choose a shape. You can always select the type of shape in the Shape Options dialog box that appears.
Converting to shape using the effect means that you can’t edit the resulting shape points (it’s applied as an effect). If you converted a rectangle to a circle, you wanted to edit the circle anchor points; you could choose Object > Expand Appearance.
Crop marks indicate where you want the printed paper to cut. Crop marks are useful when you want to create marks around several objects on a page.
Illustrator features six different distortion effects, each providing another type of look and feel. Distortion effects, in particular, are useful when applied to strokes or fills individually.
Distortion Effects -
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