Product Development Manager in Chicago, Illinois Salary
How much does a Product Development Manager make in Chicago, IL? A Product Development Manager in Chicago earns an average of $88,568 annually. This is 12% higher than the national average for a Product Development Manager which is $77,978 per year. Salaries for a Product Development Manager in Chicago range from $60,256 annually to $131,605 per year. Total Annual Pay, which includes salary, bonus, and profit sharing for a Product Development Manager in Chicago ranges from $60,256 to $145,958 annually. Job satisfaction is reported as 4 out of 5 stars. Among those reporting, there is a fairly even distribution of men (45%) and woman (55%) filling this role in Chicago. Many report receiving medical, dental, and vision benefits from their employer.
|Salary||$60,256 - $131,605|
|Bonus||$1,468 - $20,273|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$60,256 - $145,958|
Job Description for Product Development Manager
Product development managers are in charge of the analysis and application of products to the general consumer market. Product development managers typically are host to an assortment of creative work-flows, thought processes and application systems. They are also expected to be capable of market analysis at high levels and to demonstrate mastery of critical thought processes. Product development managers must identify the need for a product on the current or near future market and also identify an outline in which the product can be created and delivered to the general populace; however, the specifics of these systems is not their concern. Product development managers are expected to be very flexible in their availability and willing to devote long hours of deliberation toward meeting the needs presented by consumers with the products in development. Product development managers are also expected to have adequate interpersonal skills as they will be working with other employees in virtually all situations. They are expected to have an understanding of current and past marketing trends as well as the economic insight to reasonably predict new ones. Product managers are also expected to have a very intimate understanding of promotional processes and advertising as well as their effect on the general public. Product managers are expected to also understand public relations and their relationship to forthcoming products as well as the current areas of interest in the rising market (e.g. environmentally friendly products). Product managers must have proficiency in Microsoft Office and understanding of information facilitation via these channels. (Copyright 2017 PayScale.com)
Product Development Manager Tasks
- Collaborate with sales and marketing to develop new business.
- Assist in scale up to commercialization.
- Manage the product development project pipeline and assignment and prioritization of resources.
Product Development Manager Job Listings
Pay by Experience Level for Product Development Manager
Pay by Experience for a Product Development Manager has a positive trend. An entry-level Product Development Manager with less than 5 years of experience can expect to earn an average total compensation of $76,000 based on 17 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Product Development Manager with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $88,000 based on 21 salaries. An experienced Product Development Manager which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $118,000 based on 17 salaries. A Product Development Manager with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $132,000 based on 8 salaries.
Key Stats for Product Development Manager
Rated 4 out of 5
based on 9 votes.