A product type can consist of many versions. Product Managers and System Engineers can save multiple versions of products they own or are responsible for. Software products can have "releasable" versions that are sent to specific customers.
Product versions are attached to the context product revision. Product versions can only be created within a product revision. A product can be versioned from any revision. When a product revision is revised, all existing versions are not carried forward.
When a product is revised or versioned, all features are replicated by default. You can override this behavior during either the revision or version process.