All the possible requirements of the system are captured and documented in SRS (Software Requirement Specification).
The SRS is studied and system is designed, which helps in hardware and overall system architecture specification.
With system design inputs, the whole system is developed in small units.
All the developed units are integrated into a system after testing of each unit.
The complete product is deployed in the customer environment or released into the market.
Maintenance is done to fix the possible issues in the client environment.