New Post: Before I get started... Can this be done?

This is all new to me, but I'm ready to start learning. Before I dive in I just wanted to check that this is the right tooling for what I'm hoping to achieve, which is: the form for a new list item starts with a pull down with product names from another list. Based on the selected item, several other fields on the form are populated with corresponding descriptions etc for that product, all derived from the same list as the product name, obviously from different columns.

I don't want you to tell me how to do this (although any pointers will be appreciated ;-) but I would like to know that I'm trying to do something that can actually be done.

Thank you