The basic requirement in economics is supply and demand. Each is dependent on the other. However I believe it is the responsibility of the producer (supply) to create the demand by the consumers.
Consumer makes or breaks a product hence it is essential to keep their requirements in mind but having said that as steve jobs said "People don't know what they want until we tell them so".
Hence in my opinion, consumer isn't the king but rather the queen. She doesn't get a say in how kingdom (business) are run but without her, there would be no more "running of kingdom (business).
I think due to industrialization, technological advancement, and globalization, a lot of variety of products are being offered to the consumers. Consumers have the flexibility of consuming products of their choice irrespective of their location (thanks to online shopping) and at a standard price. The consumers are the people who make or breaks the business. They are the reason companies flourish or fails. For example, consider coca-cola, now everyone knows that consumption of carbonated drinks causes health issues in the long run but as far as consumers are buying it, manufacturers are producing it. Another recent example would be Patanjali products. When they came into the business, not many people turned towards their products. But as the days passed by, people understood the benefits of their products and now Patanjali is a billion dollar enterprise. So, yes, I do feel that consumer is really the king in India and the driving force which can make an impact on company's future.
My personal point of is that the consumer is really the king in India because entire market is depends on the consumer. And they decide that who are the brand or not. And India's population number is second in the world so they are really king in India.
Supporting this topic on a positive note I would say that consumers are and always will be the king of business in India. Let's consider the example of Maggi - a very well known product all over the world. When food safety department noticed some issues with that product immediately the sales were drastically down and contrary when food safety organization gave safety clearances to product Maggi the sales went up. So all the sales of the company depend hugely on its consumers. We can say that consumer lay the foundation for the success of the company or any business. Thank you. :).
Well, I don't think that consumer is really a king in the developing country (India). In the world of globalisation MNC's are entering into our market which probably produce the goods of defined standards. As it in the case of Maggi, Vicks, etc. Do you know Vicks is banned in European countries as it contains poisonous and toxicants in it? But in India, I think in every house you can easily find it. On the other hand, consumers in India is much influenced by the ads, they buy products by seeings the attractive ads on TVs despite that whether they knew about the product or not.
I think consumer is the king of India. Because in any business. There are demand and supply. To run any enterprize, demand is mandatory which comes from the consumer. So the customer is the king of any business.
Yes, that the reason Ramdev get success in build there umpire within few year. Because people want natural product so they get it, on another hand we can see the competition in the advertisement you can see the advertisement of one commodity from hundreds of producers, why? Because consumer is the king in INDIA. Not just in commodity but you can also see In movies, how many producers, directors, actor, actress lure us to watch their movies. Why?
My point of view to me the customer is a king in India. Who has decided a brand or not? If they choose a brand product. The customer is the main king of the India. Because India is the largest population in the second. Then we can say that customer is the king of India.
Neeraj Kumar Joshi:
I am supporting the topic in positive tone that customer is the king and always, as it well known fact that before commencement of any product in the market every company has some set of survey on public opinion that what they really want, not only this its prove that everyone know marketing department of any firm has high perks and incentive it is also for knowing the people interest, so we can't deny customer is a king, apart from this there are many public relation companies which give data only on people taste as per the current scenario, so finally it is correct that customer is the king and it has to believe if anyone wants in market.
In my point of view, I think consumers are really the true king of India. For any company, organisation or enterprise the first and most important issue is consumers satisfaction. Without satisfying their consumers they can't even think of their existence. Because without demand, their is no supply. Consumers have an upper hand in the selection of the products they gonna use. If they are not satisfied with one they can move towards other in this competitive market. So it's the manufacturer who has to take care of their consumers and their needs.