This study reviews two decades of literature on three (i.e., resource, investment and integrative) phases of marketing, identifies the marketing capability gaps from the phases and applies the insights to an emerging market context. The study found that there are unique marketing capability gaps at each of the three marketing phases. While marketing managers try to close the gaps, the fast changing socio-demographic, economic, technological environments, and even the growing power of emerging markets created more gaps. The gaps are wider in emerging markets alongside opportunities these markets provide. The findings and suggested solutions are summarized in a conceptual model.

ABSTRACT
1 INTRODUCTION
2 OBJECTIVES OF THE STUDY
3 CHARACTERISTICS AND MARKETING CAPABILITY GAPS AT THE THREE MARKETING ERAS
    3.1 Characteristics and Marketing Capability Gaps in the Resource-Conscious Era (1996-2004)
    3.2 Characteristics and Marketing Capability Gaps in the Investment – Orientation Era (2005- 2012)
    3.3 Characteristics and Marketing Capability Gaps in the Integrative-Era (2013 to present)
    3.4 Some Suggestions to Close the Marketing Capability Gaps
4 EMERGING MARKETS CHARACTERISTICS AND POSSIBLE MARKETING CAPABILITY GAPS
    4.1 Characteristics of Emerging Markets
    4.2 Emerging Markets’ Marketing Capability Gaps at the Resource-conscious Phase and Suggested Response
    4.3 Emerging Markets’ Marketing Capability Gaps at the Investment-oriented Phase and Suggested Response
    4.4 Emerging Markets’ Marketing Capability Gaps at the Integrative Phase and Suggested Response
5 CONCLUDING THOUGHTS
6 REFERENCES

• Helen Inseng Duh(University of Witwatersrand)