Lean manufacturing is a production practice that focuses on minimizing waste while maximizing productivity. It aims to create more value for customers with fewer resources by streamlining processes and improving efficiency. This approach encourages continuous improvement and the elimination of non-value-added activities. Key principles of Lean manufacturing include identifying value from the customer's perspective, mapping the value stream, creating flow, establishing pull systems, and pursuing perfection. By implementing these principles, organizations can reduce costs, improve quality, and enhance overall operational performance, leading to greater customer satisfaction.