Final answer:
The command that locates and replaces specific text with alternative text is called 'Find and Replace'. It is widely used in various software applications to make bulk changes to a document or set of documents.
Step-by-step explanation:
The command that locates all occurrences of specific text and replaces it with alternative text is Find and Replace. This function is commonly used in word processing software, text editors, and development environments. When you use the Find and Replace feature, you specify the text you're looking for, also known as the 'search string', and the text you want to use as a replacement, the 'replacement string'. Then, the software searches the document and replaces every instance of the search string with the replacement string.