The bowler's intention is to deceive the batsman into playing too early so that he either misses the ball completely or hits it high up in the air to offer an easy catch.
It is especially used in the last ten or so overs as variation in speed, in addition to line and length, is the key to preventing a late flurry of runs from the batsmen.
To be effective, the slower ball must be directed at or near the stumps in order to force the batsman to play, and the bowler's action must appear entirely normal.
Pakistani Imran Khan was one example: in his coaching book, he mentioned that it was far more effective to have a faster ball than a slower one.
[1] Spinners and slow bowlers generally employ the faster ball more often than pacemen.