Each dynamic is unique in it own way. Formed on preferences between the two involved. Punishment is something that’s been discussed here before. Short version of my opinion. Very seldom is a real punishment necessary. Also lots of the fantasy type google doms online think punishment is something entirely different. As do some into the brat spectrum. A punishment should correct and prevent reoccurrence of a bad behavior or action. Most times “doms” lacking experience have the sub do things as “punishment” that really is just something the dom wants to see done and wouldnt normally get away with. I’ve even seen some try to bypass limits claiming that punishments weren’t subject to the hard limits a sub had in place.
As far as rewards. They can most certainly be part of it all as well. Obviously a reward would be unique to the ones involved. Some Masos I know would like extra spankings or extra lashings as an acknowledgement of good behavior. Or sometimes just extending aftercare Into something special based on the occasion. Maybe a bath or couples style shower. Sometimes just the verbal acknowledgement is enough. Good girl, good slave, I’m proud of you, Etc.
I allow my local to touch me at times as showing award for her obedient actions. For her it is something she wants controlled but being allowed to freely place her hands in the moment helps make her more excited and more connected.
I have seen others who get small gifts like toys, collars, plugs etc.
Privileges such as furniture time, tv time, phone time, stories read, video chat time, really anything that a sub deems a positive action can become a reward.