Can we establish when a product is considered “new” or is “featured”?

**This post was created as part of a How to Service Request (SR)

Release: 

22.2.10

Summary of the question:

It looks like we can set sales and deals, but can we also establish when a product is considered “new” or is “featured” using date fields that will auto-expire so these statuses don’t have to be manually updated? Additionally, can statuses be shown on product display pages with an identifying tag that shows it’s new or featured?