Final answer:
The statement 'The Customer is king' is true as it emphasizes that customer satisfaction is highly influential in a business's success through their judgment of product quality.
Step-by-step explanation:
The phrase "The Customer is king" suggests that customers have the ultimate power in affecting a business's services and products, because they are the ones who consume them and therefore judge their quality. This is true to a large extent in a customer-centric business model where the satisfaction of the customer is the top priority. In such a model, businesses strive to meet the needs and desires of their customers, as they recognize that customer satisfaction can lead to greater customer loyalty, positive word-of-mouth, and increased revenue.
However, it should be noted that this statement can be overly simplistic, as there are other factors that can also determine a company's success, such as innovation, operational efficiency, and the quality of the workforce. Nonetheless, the emphasis on customer satisfaction is a crucial element of a successful business strategy in the modern marketplace.