This is a basic examination of opportunity. You don't have to be in an industry to determine a need for a specific product. For instance, I've been called in on more than one occasion to fix a specific problem, only to suggest an alternative which was adopted by the client. I've also just been somewhere and seen a company using a deficient process, and have commented, "why don't you ... instead?" Usually they don't because they haven't thought of it, but the result is a conversation that opens an opportunity. It's important to remember in any such case that any solution you suggest must be in the best interest of the client. I'll repeat this several times, because it's true: "working in the best interest of the client is always in your own best interest as well."
This phase doesn't need to be as complex as the component listing implies. It can simply be a statement that there is a deficient process that needs to be improved. The examination of alternatives can be put off until the next phase.
Originator: In a sponsored project, usually the client.
Deliverable: A project initiation request. This might have
some specific name in your organization, but it amounts to a Request
Important Tips Phase 2. Business Case