Iterative Testing is a method in which a product is tested on users repeatedly, and by making use of the results after each test, the product is improved at different stages.
The main motive is to make the product foolproof and market ready before its launch.
It is a common practice in the field of UX/UI design.
Scope in product management
It provides feedback and points out potential negatives the product may have after it gets introduced to the market. So it enables the product manager to modify the product as per the user experience.
If iterative testing is carried out thoroughly then product excellence can be achieved over competitors.
SaaS companies use it as a tool to strengthen their product. SaaS business depends on customers using a service for a period of time (sometimes forever, app or subscription based services) so from the perspective of customer retention this process becomes vital because you have to consistently keep rectifying your product for better customer service.
It is testing your product repeatedly to iron out the shortcomings and improving it after every testing phase. The motive is to make the product market-ready with user satisfaction in mind.
The product undergoes rapid testing and errors are rectified to proceed to the next cycle of rapid testing. It is beneficial when the product is just about to launch.