How do you approach keyword research?

For this question the answer may vary from person to person. Below are a few points on my approach keyword research:

• Firstly, understand the business, niche, target audience and goals
• Create a list of products or services the business/website offers
• Make a list of seed keywords
• Use keyword research tools to get a wider range of keywords and search terms 
• Finalise the set of keywords and mapping with the search intent