Bait And Switch
The bait and switch tactic has gained notoriety in the mortgage market as an unscrupulous marketing tactic meant to drive business. In a mortgage bait and switch an agent or company will post exceedingly low mortgage rates, knowing full well that the vast majority of applicants will be unable to qualify for these teaser rates. Once customers begin to come into the office to inquire about the low rate, the agent will proceed to offer them the higher rates they are more likely to qualify for, thus earning greater commission.
Investment dictionary. Academic. 2012.
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bait and switch — n: a fraudulent or deceptive sales practice in which a purchaser is attracted by advertisement of a low priced item but then is encouraged to purchase a higher priced one – called also bait advertising; Merriam Webster’s Dictionary of Law.… … Law dictionary
bait-and-switch — ˌbait and ˈswitch adjective [only before a noun] MARKETING if sellers use bait and switch methods, they attract customers by telling them about a cheap product which may or may not exist, and then persuade them to buy a more expensive one: •… … Financial and business terms
bait-and-switch — ☆ bait and switch [bāt′ n swich′ ] adj. of, related to, or employing an illegal or unethical sales technique in which a seller lures customers by advertising an often nonexistent item at a bargain price and then attempts to switch their attention … English World dictionary
bait-and-switch — v. The practice of advertising a product or service at a low price to bring customers into a store and, once they are there, urging them to buy a more expensive product or service by disparaging the original item or by saying that it is no longer … Law dictionary
bait and switch — bait′ and switch′ n. bus the practice of attracting customers to a store with bargain prices, then attempting to sell them higher priced items … From formal English to slang
Bait and switch — In retail sales, a bait and switch is a form of fraud in which the party putting forth the fraud lures in customers by advertising a product or service at an unprofitably low price, then reveals to potential customers that the advertised good is… … Wikipedia
bait-and-switch — /bayt n swich /, adj. 1. denoting a deceptive method of selling, by which customers, attracted to a store by sale items, are told either that the advertised bargain item is out of stock or is inferior to a higher priced item that is available. n … Useful english dictionary
bait and switch — noun a) An unscrupulous and sometimes illegal sales technique, in which an inexpensive product is advertised to attract prospective customers who are then told by sales personnel that the inexpensive product is unavailable or of poor quality and… … Wiktionary
bait-and-switch — adjective Relating to use of bait and switch (offering one attractive exchange initially, but not honoring the offer) in business, politics, and elsewhere. Despite Healys argument that the Liberty Fund would go to worthwhile causes, many felt the … Wiktionary
bait and switch — obtaining investment funds by deceit Financial jargon: The phenomenon has been described by some market participants as bait and switch where banks win mandates offering certain terms which are subsequently changed because they are… … How not to say what you mean: A dictionary of euphemisms