Important for what?
You can lose weight without physical activity (bed-bound coma patients often do).
But for health, exercise may be even more important than weight loss for many people. (A mildly overweight person eating a balanced diet, who is very athletic, can be healthier than most thinner follks who don't exercise and eat poorly).
That being said, people have to start somewhere, and if exercise is intimidating, starting with just dieting can get some people started. Just as they could start with exercise, because changing their diet seems too daunting (though it's very difficult to lose any weight with exercise alone, other noticeable health benefits can be achieved).
Weight Watcher's, while their program is excellent, is ultimately a business. Bottom line - it's good for business to say that exercise isn't necessary, because that position appeals to more potential clients. Obviously it will appeal to people who refuse to exercise or who believe they don't have time, or some other excuse. However, the people who DO believe that exercise is necessary, probably won't quit over the leader's statement, they'll just continue to exercise (and secretly feel a bit superior to all the rest).
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