Final answer:
A 'moment of truth' in business refers to any interaction where a guest or customer forms an impression about the service quality, significantly influencing their overall perception of the business.
Step-by-step explanation:
Any episode during which the guest forms an impression is known as a 'moment of truth'. This term is frequently used in the context of business, particularly within the hospitality and service industries. A 'moment of truth' can occur at any point when a customer interacts with a business and forms an opinion about the quality of service. For instance, when a receptionist greets a hotel guest upon arrival, the professionalism and warmth of the greeting can significantly impact the guest's overall impression of the hotel. Similarly, when a guest's problem is resolved efficiently, this too can be a 'moment of truth' that contributes to positive impressions and potentially to customer loyalty.