Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between new product development managers and product managers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a new product development manager, becoming a product manager takes usually requires 8-10 years. Additionally, a new product development manager has an average salary of $154,907, which is higher than the $111,729 average annual salary of a product manager.
The top three skills for a new product development manager include product development, project management and R. The most important skills for a product manager are product management, QA, and product strategy.
| New Product Development Manager | Product Manager | |
| Yearly salary | $154,907 | $111,729 |
| Hourly rate | $74.47 | $53.72 |
| Growth rate | 2% | 10% |
| Number of jobs | 128,622 | 125,678 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 72% |
| Average age | 48 | 39 |
| Years of experience | 4 | 10 |
New product development managers search for new opportunities to develop a new product and oversee the process from creating the concept to its distribution. These managers are responsible for the innovations in existing products to attract a bigger market range. They work with other departments throughout the product development process to create the designs and marketing strategy. Also, they make sure that they only produce the products that will represent their company's brand, mission, and vision well.
A product manager is responsible for ensuring product development, providing the best marketing strategies, and effectively handling the sales and marketing team. Product managers' duties include monitoring the market trends and conditions, identifying business opportunities and plan initiatives, and collaborating the product launch process with the appropriate departments. A product manager is also responsible for generating ideas on improving product features, determining timetables and reasonable pricing, and analyzing product sales. A product manager must have excellent strategic and decision-making skills to contribute to its growth and profitability.
New product development managers and product managers have different pay scales, as shown below.
| New Product Development Manager | Product Manager | |
| Average salary | $154,907 | $111,729 |
| Salary range | Between $106,000 And $225,000 | Between $81,000 And $152,000 |
| Highest paying City | Austin, TX | San Francisco, CA |
| Highest paying state | Alaska | California |
| Best paying company | Kaiser Permanente | Meta |
| Best paying industry | Professional | Retail |
There are a few differences between a new product development manager and a product manager in terms of educational background:
| New Product Development Manager | Product Manager | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | Stanford University | University of Georgia |
Here are the differences between new product development managers' and product managers' demographics:
| New Product Development Manager | Product Manager | |
| Average age | 48 | 39 |
| Gender ratio | Male, 74.2% Female, 25.8% | Male, 65.3% Female, 34.7% |
| Race ratio | Black or African American, 3.1% Unknown, 4.7% Hispanic or Latino, 9.0% Asian, 11.7% White, 71.3% 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 | 9% | 10% |