Toyota is one of the car industry’s biggest success stories. Founded in 1918 as Toyota Spinning and Weaving company, it only started to produce automobiles in 1937, but since then the company has continued to grow to become one of the most important car manufacturers in the world. In this regard, the company has been a global trailblazer in several areas related to product and product design, with some of its strategies, like the Toyota Product Development System (TPDS), becoming industry standards.

Provide a short explanation for each of the five steps of the product development strategy that Toyota follows standards.