The 11-step software testing process follows a "V" model where the first five steps involve verifying interim deliverables and the last six steps involve validating the executable software. The 11 steps are: 1) assess development plan and status, 2) develop test plan, 3) test requirements, 4) test design, 5) test during programming, 6) execute and record results, 7) acceptance test, 8) report results, 9) test installation, 10) test software changes, and 11) evaluate test effectiveness. The process aims to validate and verify that the software meets requirements, works as expected, can be implemented consistently, and satisfies stakeholder needs.