A sample of 1,000 alumni from two Spanish universities completed a questionnaire designed to assess the effects of brand image, trust, satisfaction, and shared values on loyalty to the institution. Structural equation modeling confirmed all eight hypotheses:(1) graduation satisfaction would have a positive effect on alumni loyalty, (2) trust would have a positive effect on alumni loyalty, (3) graduate satisfaction would have a positive effect on trust, (4) shared values would have a positive effect on student loyalty, (5) shared values would have a positive effect on trust, (6) shared values would have a positive effect on university image, (7) university image would have a positive effect on graduate satisfaction, and (8) university image would have a positive effect on trust. Shared values had a direct effect on alumni loyalty, as well as indirect effects through trust. University image had indirect effects on alumni loyalty through trust and graduate satisfaction. (70 ref)-Marketing

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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.

This study shows that the relationship between marketing capabilities and firm financial performance can be better understood when it is drawn using stakeholder satisfaction as an additional variable, in the context of the service industry. Results from 152 Spanish service organizations indicate that superior marketing capabilities lead to higher levels of stakeholder satisfaction, which consequently improves financial firm performance. Results complement previous research which found a strong relationship between marketing capabilities and performance when the latter includes financial and nonfinancial indicators. Marketing capabilities improve not only customer satisfaction but also employee fulfillment which, in turn, may increase financial indicators.

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