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The differences between product development managers and market 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 product development manager and a market development manager. Additionally, a product development manager has an average salary of $113,437, which is higher than the $111,159 average annual salary of a market development manager.
The top three skills for a product development manager include product development, project management and lifecycle management. The most important skills for a market development manager are digital marketing, market development, and competitor analysis.
| Product Development Manager | Market Development Manager | |
| Yearly salary | $113,437 | $111,159 |
| Hourly rate | $54.54 | $53.44 |
| Growth rate | 10% | 10% |
| Number of jobs | 166,871 | 173,901 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 76% |
| Average age | 39 | 39 |
| Years of experience | 10 | 10 |
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.
A market development manager is in charge of overseeing marketing operations, ensuring efficiency and smooth workflow. Their responsibilities revolve around assessing existing projects and programs, identifying areas needing improvement, devising strategies to find new opportunities, and coordinating with different departments to ensure profitable growth and a strong client base. They are also in charge of creating training programs for new employees, managing the budget, and supervising marketing initiatives. Furthermore, as a manager, it is essential to lead and encourage teams to reach goals and optimal performance, all while implementing the company's policies and regulations.
Product development managers and market development managers have different pay scales, as shown below.
| Product Development Manager | Market Development Manager | |
| Average salary | $113,437 | $111,159 |
| Salary range | Between $84,000 And $152,000 | Between $74,000 And $165,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | Nevada | Maryland |
| Best paying company | Meta | Apple |
| Best paying industry | Retail | Technology |
There are a few differences between a product development manager and a market development manager in terms of educational background:
| Product Development Manager | Market Development Manager | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between product development managers' and market development managers' demographics:
| Product Development Manager | Market Development Manager | |
| Average age | 39 | 39 |
| Gender ratio | Male, 62.2% Female, 37.8% | Male, 70.0% Female, 30.0% |
| 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% |