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The differences between vice presidents product development and business development executives can be seen in a few details. Each job has different responsibilities and duties. It typically takes 8-10 years to become both a vice president product development and a business development executive. Additionally, a vice president product development has an average salary of $168,835, which is higher than the $97,871 average annual salary of a business development executive.
The top three skills for a vice president product development include product development, R and analytics. The most important skills for a business development executive are business development, digital transformation, and customer service.
| Vice President Product Development | Business Development Executive | |
| Yearly salary | $168,835 | $97,871 |
| Hourly rate | $81.17 | $47.05 |
| Growth rate | 10% | 10% |
| Number of jobs | 180,783 | 189,950 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 75% |
| Average age | 39 | 39 |
| Years of experience | 10 | 10 |
A vice president for product development is responsible for leading the product development team in the execution of development activities to enhance the product's brand image in the market and achieve the sales performance target. Vice presidents for product development monitor the product development techniques from the conceptualization to the final execution and market release. They also handle the budget and resource allocation to support product development operations, ensuring that the outputs meet the quality standards and timetables.
A business development executive serves as a senior manager who drives company sales. Business development executives convince existing clients to buy more offerings and also source new clients. The focus of their job is on lead generation, prospect management, and customer acquisition. They collaborate with management in terms of sales objectives, planning, and prediction. The skills necessary for this job include customer service and relations, time management, strong written communication, and sales process experience.
Vice presidents product development and business development executives have different pay scales, as shown below.
| Vice President Product Development | Business Development Executive | |
| Average salary | $168,835 | $97,871 |
| Salary range | Between $109,000 And $259,000 | Between $64,000 And $149,000 |
| Highest paying City | San Francisco, CA | Phoenix, AZ |
| Highest paying state | Washington | Arizona |
| Best paying company | Clifford Chance | |
| Best paying industry | Technology | Pharmaceutical |
There are a few differences between a vice president product development and a business development executive in terms of educational background:
| Vice President Product Development | Business Development Executive | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 75% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between vice presidents product development' and business development executives' demographics:
| Vice President Product Development | Business Development Executive | |
| Average age | 39 | 39 |
| Gender ratio | Male, 78.1% Female, 21.9% | Male, 63.8% Female, 36.2% |
| 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% |