What is the process of translating an idea into a product that creates value called?

The process of translating an idea into a product that creates value is best described as innovation. Innovation specifically refers to the introduction of new ideas, products, or methods that improve upon existing concepts or offer entirely new solutions to problems. This can involve creativity and the application of new technologies or processes in order to bring an idea to fruition, where it can generate value for consumers or businesses.

While manufacturing, development, and production are related concepts, they refer to different aspects of bringing a product to market. Manufacturing typically involves the actual process of making goods, development often refers to the broader stages of creating and refining a product idea, and production pertains to the processes involved in producing the final product at scale. Innovation encompasses these activities but specifically emphasizes the creation of new value through ideas and improvements.