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There are countless definitions of what this work could be. Here's what I do.
Understand the user's needs and objectives
Use functional and content requirements to develop how the information architecture and interaction design should be approached and organized.
Wireframe, Wireframe, Wireframe...
Sometimes I'll get to make it look pretty but most of the time the wireframes are sent offshore and I'll art direct the UI. That's mainly because the client loves the cheap labor.