To achieve progression in a product portfolio, companies employ industrial designers to aid in the development and creation of new products. Researchers have shown that industrial designers play a consolidating role at both strategic and operational management levels due to the need to incorporate requirements from several company functions, such as brand, research and development, production, economics and senior management. This article investigates how to expand the ways in which a product portfolio may be extended and updated, from an industrial design perspective. Seven product portfolio development strategies were identified. Inspired by studies of competitor's influence on an existing portfolio, a theoretical descriptive model was developed: the Industrial Design Product Portfolio Management model, which positions the suggested product portfolio development strategies in relation to existing and competing products. The findings may advance our current understanding of existing product portfolio management strategies and the connection between management and product design. Thus, it could be a useful framework for academics, teachers and professionals.