Is there a strategic benefit to using portfolio management to make product and service selection decisions? If so, how? If not, why?

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Discussion: Portfolio Management

According to the PMBOK (PMBOK® Guide) “portfolio management refers to the centralized management of one or more portfolios to achieve strategic objectives.” (Project Management Institute, 2013, p. 10)

Does portfolio management in projects apply to product and service selection and design? If so, how? If not, why?
Is there a strategic benefit to using portfolio management to make product and service selection decisions? If so, how? If not, why?
Be sure to validate your answer with a minimum of two resources.