Marketing capabilities are the processes by which organizations define, develop and deliver value to their customers by combining, transforming and deploying their resources in ways that meet market needs. This chapter focuses on the nature of marketing capabilities and the characteristics that determine their underlying value to an organization. Then a new taxonomy is outlined that sheds light on the characteristics of different types of marketing capabilities within B2B firms. Subsequently, the extant B2B marketing literature is reviewed using the taxonomy as a theoretical lens. Finally, new areas for B2B research in this important area are highlighted.