Execution Flow

Obtain domain name and certificate to spoof legitimate site: This optional step can be used to help the adversary impersonate the legitimate site more convincingly. The adversary can use homograph or similar attacks to convince users that they are using the legitimate website. Note that this step is not required for phishing attacks, and many phishing attacks simply supply URLs containing an IP address and no SSL certificate.

Techniques
Optionally obtain a domain name that visually looks similar to the legitimate site's domain name. An example is www.paypaI.com vs. www.paypal.com (the first one contains a capital i, instead of a lower case L)
Optionally obtain a legitimate SSL certificate for the new domain name.

Explore legitimate website and create duplicate: An adversary creates a website (optionally at a URL that looks similar to the original URL) that closely resembles the website that they are trying to impersonate. That website will typically have a login form for the victim to put in their authentication credentials. There can be different variations on a theme here.

Techniques
Use spidering software to get copy of web pages on legitimate site.
Manually save copies of required web pages from legitimate site.
Create new web pages that have the legitimate site's look and feel, but contain completely new content.

Convince user to enter sensitive information on adversary's site.: An adversary sends a text message to the victim that has a call-to-action, in order to persuade the user into clicking the included link (which then takes the victim to the adversary's website) and logging in. The key is to get the victim to believe that the text message originates from a legitimate entity with which the victim does business and that the website pointed to by the URL in the text message is the legitimate website. A call-to-action will usually need to sound legitimate and urgent enough to prompt action from the user.

Techniques
Send the user a message from a spoofed legitimate-looking mobile number that asks the user to click on the included link.

Use stolen credentials to log into legitimate site: Once the adversary captures some sensitive information through phishing (login credentials, credit card information, etc.) the adversary can leverage this information. For instance, the adversary can use the victim's login credentials to log into their bank account and transfer money to an account of their choice.

Techniques
Log in to the legitimate site using another user's supplied credentials

Mobile Phishing