What does the term 'bait and switch' refer to?

The term 'bait and switch' refers to a deceptive marketing strategy that involves advertising a product or service at a low price to attract customers, only to inform them that the advertised product is no longer available or is of inferior quality. Instead, customers are then encouraged to purchase a different, often more expensive product or service. This tactic is misleading and can violate consumer protection laws as it exploits customers' initial interest while failing to deliver on the promised offer.

In contrast, the other choices describe different concepts that do not align with the deceptive nature of 'bait and switch'. A defined legal process for business partnerships does not pertain to marketing strategies. Similarly, a strategy aimed at increasing stock prices is more related to financial management and investor relations than marketing practices. Lastly, types of franchising agreements involve business structures and contractual relationships, which differ entirely from the deceptive practices implied by 'bait and switch'.