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This conceptual article aims to understand how different dimensions of brand portfolios discussed in the extant literature can predict desirable portfolio outcomes by influencing the strength of different sub-brands included in the portfolio. This article has reviewed relevant existing literature related to brand portfolio management in order to develop a conceptual framework(s) that can guide brand portfolio managers. Based on reviewing the extant research, this article has developed three theoretical frameworks showing the impacts of different actionable brand portfolio characteristics on desirable portfolio outcomes through enhancing brand strength. It is also found that the effects of portfolio dimensions on portfolio outcomes vary across different types of brand portfolio architectures. A rubric is also developed suggesting different steps that brand portfolio managers should consider while taking brand portfolio structuring decisions. The article's value lies in developing theoretical frameworks that would help brand portfolio managers enhance their understanding of the roles played by contemporary brand portfolio characteristics that remain unexplained by the traditional portfolio planning tools like the BCG matrix.