Iteration is a fundamental concept in product management and software development. It refers to the process of repeating a series of steps or tasks in order to refine and improve a product or feature. Just like a chef tasting and adjusting a recipe multiple times to make it perfect, product managers iterate on their products to achieve the best possible outcome. Each iteration allows for feedback, analysis, and adjustments to be made, leading to incremental improvements over time. It's like taking small steps towards a bigger goal, with each iteration bringing you closer to success.