Let's say $\xi: X \to BO(n), \eta : X \to BO(m)$ are two vector bundles over $X$. If I want to take the sum of these two vector bundles, then at the level of classifying spaces, I have the map $\oplus : BO(n) \times BO(m) \to BO(n+m)$ given by taking the (interwoven) direct sum of subspaces (for me $BO(n)$ is the set of $n$ planes in $\mathbb{R}^\infty$), and I can use my two vector bundles to get a map $\xi \times \eta : X \to BO(n) \times BO(m)$ which when I post compose with $\oplus$ gives me a map $X \to BO(n+m)$ that represents $\xi \oplus \eta$.
I was wondering about the analogous situation for tensor products of vector bundles. Namely, is there a map $\otimes : BO(n) \times BO(m) \to BO(nm)$ that when precomposed with $\xi \times \eta$ yields $\xi \otimes \eta$?
Yes. Given real vector bundles $E\rightarrow X$ and $F\rightarrow Y$ of rank $n,m$, respectively, you can form the external tensor product $E\widehat\otimes F\rightarrow X\times Y$. This is the real vector bundle of rank $n\cdot m$ whose fiber over $(x,y)\in X\times Y$ is the tensor product $$(E\widehat\otimes F)_{(x,y)}=E_x\otimes F_y.$$ In fact we can also construct this in another way. Namely, if $\pi_X,\pi_Y:X\times Y\rightarrow X$ are the projections onto each of the factors, then $$E\widehat\otimes F\cong (\pi_X^*E)\otimes(\pi_Y^*F)$$ where the right-hand side is the ordinary tensor product.
Notice moreover that if $X=Y$, and $\Delta:X\rightarrow X\times X$ is the digonal map, then $$\Delta^*(E\widehat\otimes F)\cong E\otimes F$$ as bundles over $X$.
Now, to get a universal example you can just apply the consturctions to the universal $n$- and $m$-plane bundles. That is, if $E(k)\rightarrow BO(k)$ denotes the universal $k$-plane bundle, then the external tensor product $$E(n)\widehat\otimes E(m)\rightarrow BO(n)\times BO(m)$$ classifies all external tensor products. In more detail, if $f:X\rightarrow BO(n)$ and $g:Y\rightarrow BO(m)$ classify the respective bundles $E,F$, then $(f\times g)^*(E(n)\widehat\otimes E(m))\cong E\widehat\otimes F$ as bundles over $X\times Y$.
Now the universal example is itself a real bundle of rank $n\cdot m$, so itself admits a classifying map $$\rho_{n,m}:BO(n)\times BO(m)\rightarrow BO(mn)$$ such that $$\rho_{m,n}^*E_{mn}\cong E(n)\widehat\otimes E(m).$$ The composite $\rho_{m,n}(f\times g)$ then classifies $E\widehat\otimes F\rightarrow X\times Y$.