BAIT AND SWITCH PRICING Meaning and
Definition
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Bait and switch pricing is a deceptive sales technique commonly used by retailers or service providers to lure customers into making a purchase under false pretenses. It involves advertising a product or service at an attractively low price (the bait) to capture the attention and interest of potential customers. However, once customers show interest or arrive at the store, the seller will inform them that the advertised item is no longer available, typically due to its alleged high demand, out-of-stock condition, or some other reason.
At this point, the seller will attempt to redirect or switch the customer's attention to a different, often more expensive, product or service that they may not have initially intended to purchase. The switch is designed to take advantage of the customer's interest and lure them into paying a higher price or purchasing a less desirable alternative.
Bait and switch pricing is considered unethical and misleading because it purposely misleads consumers and creates false expectations. It can be particularly frustrating for customers who have invested time and effort in researching and planning their purchase based on the initially advertised product. Such deceptive tactics often lead to dissatisfaction, loss of trust, and a negative impact on a business's reputation.
To protect themselves from falling victim to bait and switch pricing, consumers should be cautious and verify the availability and terms of the advertised offer before making a purchase. Additionally, familiarizing oneself with consumer protection laws and reporting any suspected instances of bait and switch to local authorities or consumer protection agencies can help deter and challenge such fraudulent practices.
