Question

The owner of an apartment complex has a special promotion going that pays any tenant that refers a person that becomes a tenant $50.00 cash and a $50.00 gas card. This is:

Answer 1

The apartment complex owner's promotion is a part of a referral program that rewards existing tenants with $50.00 cash and a $50.00 gas card for successful referrals of new tenants.

Step-by-step explanation:

The promotion offered by the owner of an apartment complex, which provides a $50.00 cash reward and a $50.00 gas card to tenants who refer a new tenant, can be categorized under a marketing strategy known as a referral program. A referral program is a growth marketing tactic employed by businesses to encourage existing customers to recommend new customers to their services or products. In this case, the incentive for the current tenants to partake in this promotion is the financial reward, which in effect should help in attracting new tenants and thus increase occupancy rates for the apartment complex owner.