Discovery phase is crucial for understanding the problem, users, and opportunity before proceeding to build a product.
Proof of Concept (PoC) determines technical feasibility and provides a go/no-go decision for further development.
Prototypes help visualize and test user interface and experience, leading to validated design directions and refinement.
Different stages like Minimum Demoable Product (MDP), MVP, Pilot, and Trial play vital roles in the product development journey, each focusing on specific aspects of validation and refinement.