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Iteration is the process of repeating a set of actions or steps to achieve a desired outcome. In product management, iteration refers to the process of continuously refining and improving a product through multiple cycles of development and testing.

Iterative development is a popular approach in software development, where the product is developed in small increments, with each iteration building on the previous one. This allows for frequent testing and feedback, which helps to identify and address issues early on in the development process.

The iterative process typically involves the following steps:

1. Planning: Define the goals and objectives for the iteration and identify the features or functionality that will be developed.

2. Development: Build the product features or functionality according to the plan.

3. Testing: Test the product to ensure that it meets the requirements and functions as intended.

4. Feedback: Collect feedback from stakeholders, users, and team members to identify areas for improvement.

5. Refinement: Use the feedback to refine the product and make improvements.

6. Repeat: Repeat the process with the next iteration, building on the improvements made in the previous cycle.

Iterative development allows for flexibility and adaptability, as changes can be made quickly and easily based on feedback from users and stakeholders. It also helps to reduce the risk of failure by identifying and addressing issues early on in the development process.

Overall, iteration is an essential aspect of product management, as it allows for continuous improvement and ensures that the product meets the needs and expectations of users.