Explanation:
Glycolysis is a metabolic pathway that breaks down glucose into two molecules of pyruvate. This process occurs in the cytoplasm of the cell and is the first step in both aerobic and anaerobic respiration. The end product of glycolysis is pyruvic acid.

Steps of Glycolysis:
1. Glucose is converted into glucose-6-phosphate with the help of enzyme hexokinase.
2. Glucose-6-phosphate is converted into fructose-6-phosphate with the help of enzyme phosphohexose isomerase.
3. Fructose-6-phosphate is converted into glyceraldehyde-3-phosphate and dihydroxyacetone phosphate with the help of enzyme aldolase.
4. Dihydroxyacetone phosphate is converted into glyceraldehyde-3-phosphate with the help of enzyme triose phosphate isomerase.
5. Glyceraldehyde-3-phosphate is oxidized into 1,3-bisphosphoglycerate with the help of enzyme glyceraldehyde-3-phosphate dehydrogenase.
6. 1,3-bisphosphoglycerate is converted into 3-phosphoglycerate with the help of enzyme phosphoglycerate kinase.
7. 3-phosphoglycerate is converted into 2-phosphoglycerate with the help of enzyme phosphoglycerate mutase.
8. 2-phosphoglycerate is converted into phosphoenolpyruvate with the help of enzyme enolase.
9. Phosphoenolpyruvate is converted into pyruvic acid with the help of enzyme pyruvate kinase.

Importance of Pyruvic Acid:
Pyruvic acid is a key intermediate in several metabolic pathways. In aerobic respiration, pyruvic acid is converted into acetyl-CoA, which enters the citric acid cycle. In anaerobic respiration, pyruvic acid is converted into lactate or ethanol. Pyruvic acid also plays a role in gluconeogenesis, the process by which glucose is synthesized from non-carbohydrate sources.