Planning/Defining
Requirement analysis and Planning for the quality assurance requirements and identification of the risks associated with the project is also done in the planning stage.
Designing/Building
Usually more than one design approach for the product architecture is proposed and documented in a DDS - Design Document Specification
Testing
Testing only stage of the product where product defects are reported, tracked, fixed and retested, until the product reaches the quality standards defined in the SRS.
Deployment
Released as it is or with suggested enhancements in the targeting market segment. After the product is released in the market, its maintenance is done for the existing customer base