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The differences between business product managers and product development managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 8-10 years to become both a business product manager and a product development manager. Additionally, a business product manager has an average salary of $123,607, which is higher than the $113,437 average annual salary of a product development manager.
The top three skills for a business product manager include product management, project management and market research. The most important skills for a product development manager are product development, project management, and lifecycle management.
| Business Product Manager | Product Development Manager | |
| Yearly salary | $123,607 | $113,437 |
| Hourly rate | $59.43 | $54.54 |
| Growth rate | 10% | 10% |
| Number of jobs | 189,393 | 166,871 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 73% |
| Average age | 39 | 39 |
| Years of experience | 10 | 10 |
A business product manager is primarily in charge of overseeing a company's product and service development procedures, ensuring quality and marketability. Their responsibilities typically revolve around gathering and analyzing data to understand and identify product requirements, coordinating with the engineering and quality control teams, determining the marketing opportunities, managing the roadmaps, and developing strategies to meet the consumers' needs. Furthermore, as a business product manager, it is essential to lead and encourage the workforce to reach goals, all while implementing the company's policies and regulations.
A product development manager spearheads the development of new products within a company. Most of the time, their responsibilities revolve around conducting marketing research and analysis to determine consumers' needs, coordinating with the product development team to come up with new ideas, proposing business plans to the executives, and creating prototypes. A product development manager must also present a cost analysis, produce progress reports, and address inquiries and concerns. Furthermore, as a manager, it is essential to lead and encourage the staff, all while adhering to the company's policies and regulations.
Business product managers and product development managers have different pay scales, as shown below.
| Business Product Manager | Product Development Manager | |
| Average salary | $123,607 | $113,437 |
| Salary range | Between $88,000 And $173,000 | Between $84,000 And $152,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | California | Nevada |
| Best paying company | Meta | Meta |
| Best paying industry | - | Retail |
There are a few differences between a business product manager and a product development manager in terms of educational background:
| Business Product Manager | Product Development Manager | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between business product managers' and product development managers' demographics:
| Business Product Manager | Product Development Manager | |
| Average age | 39 | 39 |
| Gender ratio | Male, 64.1% Female, 35.9% | Male, 62.2% Female, 37.8% |
| Race ratio | Black or African American, 3.0% Unknown, 5.3% Hispanic or Latino, 8.7% Asian, 8.2% White, 74.6% American Indian and Alaska Native, 0.2% | Black or African American, 3.0% Unknown, 5.3% Hispanic or Latino, 8.7% Asian, 8.2% White, 74.6% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 10% |