Giveaway generally refers to a contest or marketing activity in which a product is given for free, it can be anything from household material to the expensive electronic gadgets.
Few people will be having doubts about what is a giveaway and why do companies give their products for free. As you have guessed it is for the promotional purpose of the product. Usually, when a giveaway happens there will be certain criteria to be followed by the participants such as sharing it in the social media platforms through which the company get the publicity worth more than the cost of the product.
One more intention of conducting giveaway contests is to inject a few of the information about the product to the mind of people. Through this people get familiar and excited with the characteristics of the product which in turn build an urge to own the particular product.
One more benefit of the giveaway is that the promoters usually called influencer get a chance to increase their market platform by reaching out to more people.