VP Product Development Salary and Job Description

Here’s a complete guide about the VP product development salary and job description.

What Does a VP Product Development Do?

A VP of product development drives the product strategy for a company. They are responsible for the growth, profitability, and success of a product line or business unit.

The VP product development has many responsibilities including:

• Understanding the company’s vision, goals, and values.
• Managing the overall product development process.
• Managing employees who work on the product team.
• Creating a detailed plan for the product launch.
• Creating timelines for all aspects of the release process.
• Keeping track of expenses related to development.
• Analyzing market information to determine if there is a need for the product.
• Creating marketing plans for sales, pricing, and distribution channels.

What Is Product Development?

Product development is the process of creating a product for the market. The process can involve multiple teams and individuals. 

It includes product design, manufacturing, marketing, and distribution. 

The goal of product development is to create a product that meets customer needs in the most beneficial way possible.

VP Product Development Job Description

The VP product development job description varies from company to company. It depends on the size and scope of the business, as well as the vision of the CEO.

Companies that create a product that they offer to a wide range of consumers will have a different VP of product development job description from those companies that have a specialty niche market. 

The VP of product development for a large corporation probably has a higher salary than those who work for smaller companies.

A VP of product development is responsible for any duties, including”

• Creating detailed reports about the product, including what works and what doesn’t work.
• Creating a timeline for the launch of the product.
• Making a marketing plan to spread information about the product.
• Planning events and trips to generate interest in the product.
• Working with other members of the company, including sales, manufacturing, and finance, to meet company goals.
• Creating strategies for improving customer service.
• Meeting with investors to discuss financials, profits, and other information.
• Negotiating agreements with outside companies to distribute or sell the product. 

VP Product Development Salary

The VP product development salary varies greatly between companies. It depends on the size of the company, geographic location, and other factors. 

As of 2017, it’s estimated that a VP of product development makes a median salary of $156,000 per year. 

The lowest 10% of earners make less than $105,000 per year while the top 10% of earners make more than $190,000 per year.

How to Become One

If you want to become the VP of product development, you will need to start working your way up from the bottom.

As you gain experience and move up the ladder, you can apply for more advanced positions. You can also complete advanced courses and workshops to learn more about how to design products. 

Wrapping Up

If you want to become the VP of product development, you will need to start working your way up from the bottom. But if you are diligent and hardworking, it is possible to reach that position.

To learn more about product development, visit our blog.