Yes, 'fraid so.
While I applaud the simplicity, I think it's too narrow in meaning. (How would you like it if us services people proposed 'doing stuff' instead?
Doesn't work at all for all those organisations (large % and increasing!) who are services-based. They don't 'make stuff' at all, and have enough trouble coping with the concept that 'product = product and/or service without being put off by the 'making stuff'. And then there's quite a lot of businesses, while they deal in some physical stuff, don't actually
make it. They may distribute it, for example. Or repair it. And don't get me started on the IT/software side of things, where it's largely digital 'stuff'...
I don't care for the product realization phrase either
But I can't think of a better one! I can just imagine the conversations the committee had on this one... sooner them than me.