Few studies have examined dynamic capabilities perspective in the context of INVs and particularly toward their marketing activities. This paper aims to extend the concept of dynamic capabilities in relation to the marketing function of the organization, with particular focus on the role of stakeholders in marketing capability-building processes to deliver competitive advantage in international new ventures (INVs). Using a cross-country case approach of firms in Ireland, Sweden and Denmark, we explore the role of stakeholder groups in developing market-relating capabilities that enable INVs to effectively respond to the dynamic nature of international market they operate in. This study finds that various stakeholders play a critical role in influencing how INVs build their marketing capabilities for their international development. The nature of stakeholder groups can influence the learning processes of the firm and thus can determine the type of marketing capabilities the firm develops for international competitive advantage. In particular, we find that capabilities of entrepreneur/manager stakeholder are central in managing and leveraging the relationships between the firm and stakeholder relationships for dynamically modifying, renewing and regenerating marketing capabilities.