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The differences between market development specialists and vice presidents, business development can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a market development specialist, becoming a vice president, business development takes usually requires More than 10 years. Additionally, a vice president, business development has an average salary of $165,159, which is higher than the $58,991 average annual salary of a market development specialist.
The top three skills for a market development specialist include market development, healthcare and heart failure. The most important skills for a vice president, business development are healthcare, business strategy, and revenue growth.
| Market Development Specialist | Vice President, Business Development | |
| Yearly salary | $58,991 | $165,159 |
| Hourly rate | $28.36 | $79.40 |
| Growth rate | 19% | 6% |
| Number of jobs | 82,421 | 188,137 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 73% |
| Average age | 37 | 52 |
| Years of experience | 6 | - |
A market development specialist works on different marketing programs and projects to secure sales and premium goals. They develop and execute training strategies and programs, perform market research and analyses to find business opportunities, study the consumers and competitors, and create sales pitches ideal for field operations. They may also reach out directly to clients by calls, emails, or appointments, offer products and services, and establish positive relationships through efficient services. Additionally, a market development specialist oversees every marketing project's progress, producing reports for managers regularly.
A vice president of business development is an individual who leads in the execution of business plans and provides new business strategies for an organization. Vice presidents of business development closely work with a team of salespeople, management, and lower-level employees to secure contracts with new customers and manage ongoing agreements. They often travel to participate in business conferences and meetings with vendors and suppliers. Vice presidents of business development must also possess a bachelor's degree in business administration or marketing.
Market development specialists and vice presidents, business development have different pay scales, as shown below.
| Market Development Specialist | Vice President, Business Development | |
| Average salary | $58,991 | $165,159 |
| Salary range | Between $39,000 And $87,000 | Between $104,000 And $262,000 |
| Highest paying City | Wilmington, DE | Seattle, WA |
| Highest paying state | Delaware | Washington |
| Best paying company | Amazon | Fanatics |
| Best paying industry | Finance | Manufacturing |
There are a few differences between a market development specialist and a vice president, business development in terms of educational background:
| Market Development Specialist | Vice President, Business Development | |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Pennsylvania |
Here are the differences between market development specialists' and vice presidents, business development' demographics:
| Market Development Specialist | Vice President, Business Development | |
| Average age | 37 | 52 |
| Gender ratio | Male, 59.6% Female, 40.4% | Male, 81.3% Female, 18.7% |
| Race ratio | Black or African American, 5.2% Unknown, 5.0% Hispanic or Latino, 12.4% Asian, 9.6% White, 67.6% American Indian and Alaska Native, 0.1% | Black or African American, 3.8% Unknown, 3.9% Hispanic or Latino, 7.9% Asian, 7.7% White, 76.1% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 10% | 12% |