Do family SME managers value marketing capabilities' contribution to firm performance?

Purpose – This paper seeks to extend knowledge on the impact of different marketing capabilities on various measures of organisational performance in the context of family‐run small to medium‐sized enterprises (SMEs). Design/methodology/approach – Aspects regarding marketing capabilities in family‐owned SMEs and their impact on superior performance are identified and briefly discussed according to the existing literature. Then, quantitative research is presented followed by a discussion of the findings. The paper ends with the conclusion, managerial implications, limitations and lines for future research. Findings – The results of the study show the relevance of marketing capabilities for product differentiation to gain stakeholders' satisfaction. Other marketing capabilities related to marketing planning and pricing have a positive impact on financial performance. Originality/value – Different marketing capabilities have a different impact on various measures of performance. The nature of the marketing capabilities under consideration determines whether their main impact is on financial performance rather than on stakeholders' satisfaction.