Step 1: What a chart element is:
A chart is made of parts such as the chart title, axis, legend, data series and data labels. Each part is called a chart element.
The look of each element (colour, border, font, size) can be changed separately. The question asks for the steps to do this.
Step 2: Point 1: Select the chart:
Click anywhere on the chart. The chart gets a border and the Chart Tools tabs appear on the ribbon.
Without this click, the format options of the chart are not available.
Step 3: Point 2: Select the element to be changed:
Click on the element in the chart, for example the title, a bar or the legend. Handles appear around it.
Another way is the Current Selection group on the Format tab. Open its drop-down list and pick the element by name.
Step 4: Point 3: Open the format option of that element:
Right-click the selected element and choose Format, for example Format Chart Title or Format Data Series.
Another way is to click Format Selection in the Current Selection group of the Format tab. A Format pane opens at the side.
Step 5: Point 4: Make the changes and close:
In the pane choose the options that you want, such as fill colour, border line, effects, size and font.
The chart shows each change at once. When the look is correct, close the pane. The format of the selected element is changed.
Final Answer:
To change the format of a selected chart element: select the chart, select the element, open its Format option (right-click or Format Selection), set the fill, border, font or effects in the pane, then close the pane.