STEP-BY-STEP ANSWER:
Step 1: Observe and gather data on the asteroid's physical properties, including its size, shape, and reflectivity.
Step 2: Analyze the composition by studying spectral data and comparing reflectance characteristics.
Step 3: Evaluate the asteroid's orbit, including its distance from the Sun, orbital period, and eccentricity.
Step 4: Compare the observed properties with established classification systems (such as C-type, S-type, and M-type asteroids).
Final Answer: Asteroids are classified by combining compositional data obtained from observations and spectral analysis with orbital characteristics.