Product and service development is critical because new products and services are becoming the nexus of competition for many companies. Product and service development is thus a potential source of competitive advantage for many companies. Thus, product and service development is among the essential process for success, survival, and renewal of companies, particularly in competitive markets. Nowadays the design and development of new products and services or modification of existent ones (redesign) is a key and fundamental element to enhance innovation and competitiveness of industrial companies.

This paper presents the Business-Product-Service Portfolio Management (BPSPM) as an approach to manage the business portfolio for versioning and variation of the products and services development in order to succeed a business into more marketable set of products and services, jointly capable of fulfilling the stakeholders needs. BPSPM is a framework that encompassing the versioning and variation of products and services development concurrently for the products, services and their performing organisations analysis over perspectives of the strategic marketing, project management, engineering design and operations management.

There are five issues that the company must consider in BPSPM: the activities of relationship between global market and company; the activities of relationship between the providing company and stakeholders, representing a product-oriented and a service-oriented view respectively; the design activities of versioning and variety of the products and services; the specifications activities for versioning and variety of the products and services throughout all stages of life cycle, regarding the product and service life cycle and the marketing and sales life cycle; the representation activities of specifications and the elements of systems architecture for versioning and variety of the products and services throughout all stages of life cycle in manner of the hierarchy and heterarchy structures. The BPSPM framework uses the concepts of System Engineering, Concurrent Engineering, Service Engineering, Project Management and Business Portfolio presented in five dimensions, being Business dimension, Outcome dimension, Variety dimension, Life dimension and Structure dimension. The framework is described with SysML block definition diagrams.