Rapid prototyping is an iterative approach to the planning phase of an application or website. It involves quickly creating models and using short cycles to continually improve the design based on feedback. This saves time and money by addressing design issues early before development starts. It also allows organizations to reach the market faster by focusing development on end-user needs. Rapid prototyping employs multiple short iterations to generate progress, focus on core features, test key user journeys, encourage collaboration, reduce risks, and reduce time to market compared to traditional sequential development models.