Right on, as a student, showing that you understand the parts of the process and can communicate in your portfolio how they led you to your final solution is important for employers to see that you think and understand the design process. As you get into the working world the game does change, you accomplish projects, maybe win awards, make contacts, and evolve as a designer, my point being is that as you progress in your career the evidence that you understand the design process becomes more inherent with each success.