Comparing Business Development to Marketing Executives
Business development is all about looking after the long-term profitability of a company by developing, implementing, and maintaining successful business strategies. This field often confers business development managers that are tasked with creating successful business strategies focused on products and markets. Marketing executives use their expertise to create promotional material for the company or for clients. Below is information about these profit based professions as well as salary information.
|Job Title||Education Requirements||Median Salary (2017)*||Job Growth (2014-2024)**|
|Business Development Managers||Bachelor's Degree||$70,177||7% (financial managers)|
|Marketing Executives||Bachelor's Degree||$62,822||9% (marketing managers)|
Sources: *PayScale.com, **U.S. Bureau of Labor Statistics
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Responsibilities of Business Development vs. Marketing Executives
Both business development managers and marketing executives concern themselves with making money for a company; they simply go about it in different ways. Both manage teams that work under them to achieve company goals. Business development managers focuses on goals to meet profit expectations, brand building and customer happiness. Marketing executives' main tasks are to develop campaigns, promotions and advertisements for the company and/or its clients. Marketing executives can be found in meetings with artists, the sales force and the budget office collaborating and planning the best ways to publicize their product. This position often requires at least a bachelor's degree in a business related field.
Business development managers use their skills and their teams to come up with initiatives and ideas to make a business better. They bring their knowledge and experience to a company to develop plans and strategies for improvements in building the business's reputation and equity. This will include strategies to increase customers and partnerships. Their main job will be building new client relationships and executing sales goals.
Job responsibilities of a business developer include:
- Working with fellow managers to increase revenues
- Focusing on a specific customer base in marketing
- Preparing presentations to executives and staff
- Creating budgets to meet goals and company needs
Marketing executives are always up to date on the latest techniques and advertising styles to reach clients and customers. These executives meet with other execs and managers to come up with plans and strategies for promotions and campaigns for clients or the company's products. They commonly work with art directors to create concepts and prototypes and meet with staff to begin execution of these concepts either through teams in the company or subcontracted graphic designers. Marketing execs may need a bachelor's degree to attain their advanced positions within a company.
Job responsibilities of a marketing executive include:
- Conducting marketing analysis
- Negotiating contracts with advertisers
- Creating ad campaigns for television, radio, and internet
- Reviewing survey material for marketing plans
Business development managers and marketing executives overlap in duties, and there are plenty of related careers for both. For instance, business development managers use their experience to increase a company's standing and profits which are similar tasks performed by budget analysts who use stats and data to make recommendations for a business to also increase their profitability. Marketing executives who design promotions and campaigns might also be interested in becoming a public relations specialist putting a company's face in the best light possible with the media and public.