Developing portfolio strategies that combine innovation and corporate social responsibility is a complex and time-consuming process that is fundamental to the development and functioning of the entire company. Finding the right strategy to integrate these two areas has a significant impact on the companies’ competitive advantage and stability on the market. The aim of the article is to formulate a methodology for developing portfolio strategies in the context of product development, combining innovation with the principles of Corporate Social Responsibility, along with conducting a BCG matrix simulation for the company’s product offer before and after changes. This also includes the analysis and implementation of CSR principles using the selected research method, in order to determine how the local community perceives the CSR aspect. This process will be illustrated with the example of a case study relating to a plant that plans to enter the analysed market. The company studied here is to be headquartered in a selected city to fill a gap in the local market, where there is no dominant leader in the production of high-quality wooden furniture. The results of the analysis showed that portfolio strategies combining innovation and CSR increase the company’s competitiveness and improve its image. The BCG matrix assessment indicated the need to change some products and invest in areas with high growth potential. The introduction of the Multi-Eco chest of drawers will optimize production, reduce waste production and increase customer interest in the brand.