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Market-based organizational learning has been identified as an important source of sustainable competitive advantage. One particular learning mechanism, benchmarking, is a widely used management tool that has been recognized as appropriate for identifying and enhancing valuable marketing capabilities. However, despite widespread admonitions to managers, the benchmarking of marketing capabilities as a route to sustainable competitive advantage has received scant empirical attention. The authors empirically examine the potential business performance benefits available from benchmarking the marketing capabilities of top-performing firms. The results suggest that benchmarking has the potential to become a key learning mechanism for identifying, building, and enhancing marketing capabilities to deliver sustainable competitive advantage.