This paper aims to extend the concept of dynamic capabilities in relation to the marketing function of the organisation, with particular focus on the role of stakeholders in marketing capability-building processes to deliver unique marketing assets for competitive advantage in international new ventures. Using a cross-country case approach of firms in Ireland, Sweden and Denmark, we identify and empirically examine the role of stakeholder groups in developing market-relating capabilities that enable firms to acquire and effectively respond to the dynamic international market environments. This study suggests that small internationalising firms must move beyond market orientation strategies for developing marketing capabilities to consider other stakeholder groups for driving firm performance.  This study finds that various stakeholders play a critical role in influencing the nature of the firm’s marketing capabilities. The nature of stakeholder groups can influence the learning processes of the firm and thus can determine the type of marketing capabilities and marketing assets the firm develops for competitive advantage.

In particular, we find that managerial capabilities of entrepreneur/manager stakeholder are central in managing and leveraging the relationships between the firm and stakeholder relationships for capturing and regenerating marketing resources and capabilities for generating rents.