Purpose: The purpose of this paper is to review international industrial purchasing and marketing literature with a focus on portfolio models, to develop portfolio models for buyers' and sellers' international strategies, and to combine the models so that both the buyer and seller perspectives are dealt with simultaneously.

Design/methodology/approach: Literature on international industrial purchasing and marketing is discussed. Dimensions that are important for the buyers' and sellers' strategies are identified. Portfolio models for buyers and sellers are developed and the two perspectives are matched together.

Findings: The paper contributes a specification of features that are important for industrial buyers' and sellers' international purchasing and marketing strategies. These dimensions are used to develop a model of supplier relationship management and a marketing management model for supplier strategies. The consequences for the firm's international activities are discussed. A model combining industrial buyers' and sellers' international supply and marketing management strategies is developed.

Research limitations/implications: This paper provides a deeper understanding of international exchange processes by combining literature on international industrial purchasing and international marketing. Situations are identified where different areas of theory are applicable. The paper also contributes to the discussion on what should be the conceptual domain of international business. Here, it is argued that international exchange is the product of joint decisions made by two or more actors based in different countries. Earlier academic literature reveals a striking imbalance: while one side of the coin – the exporter side – has been extensively studied, the importer side has largely been neglected. In this paper, it is tried to present a balanced view of both sides.

Practical implications: This paper introduces portfolio management models that can be used for both industrial purchasing and marketing management. The paper stresses the importance of finding a fit between the marketing and purchasing strategies within a relationship. If both parties have positioned the relationship in a similar way, there are much greater possibilities for the relationship to create value for both parties.

Originality/value: The paper combines international industrial purchasing and international marketing perspectives as few studies have done before.