Importing Word file into this new enviroment

I have a large fiction book I want to bring into this tool in order to exploit its full capability. I can import it, but what is the technique to take advantage of all appropriate Features?

I would recommend using the Import and Split command and/or the Documents -> Split command to break the manuscript into chunks. (How big? That’s up to you. Could be as big as a chapter or as small as a paragraph. Scrivener doesn’t care.) From there, you can use all of Scrivener’s features to assign metadata, rearrange things, and so forth.

If you haven’t already, I’d suggest having a look at the Interactive Tutorial, available from the Help menu. It’s an overview of Scrivener’s key features and answers a lot of the questions that new users tend to have.