Sr. Vice President (SVP), Product Development Salary
A Sr. Vice President (SVP), Product Development earns an average salary of $183,171 per year. Most people in this job have more than five years' experience in related jobs.
Job Description for Sr. Vice President (SVP), Product Development
A senior vice president of product development is generally an executive position, and a bachelor’s degree in business or a related field and many years of experience are required. Product development SVPs help to set the direction for products to be created by the company, and they oversee the work of several employees who develop product ideas and eventually get these products into the market. There are often several proposals to be evaluated at once, and the best products should be chosen for the company based on allocation of time, money, and other resources.Read More...
It is important that these SVPs keep an eye on competitors and any developing trends in their markets, and unique innovation is also encouraged on occasion. They also analyze data and create performance reports, forecasts, and analyses, and may maintain budgets and allocate finances as well. Constant reevaluation of the budget and the effectiveness of its dispersal is also necessary.
It is essential for product development SVPs to maintain strong relationships with outside parties, such as vendors and retailers, in order to promote the company's products. Human resources skills are also important in order to take on HR duties, such as managing and overseeing work, hiring and creating effective work teams, and conducting employee evaluations.
Sr. Vice President (SVP), Product Development Tasks
- Coordinate with marketing, legal and accounting teams as needed to complete product development goals.
- Use market and technical research to direct teams from initial ideation through production and into marketing.
- Pilot product ideas to fill market gaps, evaluating their potential success to grow product portfolio.
- Oversee and coordinate organization-wide activities related to product development, production, and pricing.
- Establish and implement policies and standards, in conformance with organizational and industry norms.