In C++, the asterisk (*) indicates a pointer, with its position varying based on context; it appears after the type in declarations (e.g., char* x) and before the variable in expressions (e.g., *x for dereferencing). The member access operator (->) serves as a shorthand for accessing members of an object pointed to by a pointer, simplifying syntax and reducing potential errors associated with parentheses. While the use of -> is not mandatory, it enhances code readability and minimizes ambiguity compared to using the dereference operator and parentheses. Additionally, pointers can be treated like arrays, allowing for alternative ways to dereference or access elements, such as using pointer offsets. Overall, C++ provides multiple methods for pointer manipulation, showcasing its flexibility.