Marketing

In 1992, Frederick Webster [1] wrote that 'New organizational forms, induding strategic partnerships and networks are replacing simple market-based transactions and traditional bureaucratic hierarchical organizations'. His article argued for a new conceptualisation, to ensure marketing remains relevant and continues to deliver superior value to customers. His paper placed relationships at the centre, and they, of course, remain a key management issue today. This Manager Update will focus on relationship management, the value of relationships, collaboration and the need for a coordinated approach to managing 'portfolios' of customers. However, before looking at current research, it is important to note that Vargo and Lusch have recently published what many see as a seminal article on the state of marketing theory today. Their work, which goes beyond Webster, claims that a 'new dominant logic' in marketing, which has significant implications for marketing theory researchers and marketing managers, is evolving. Some have even suggested that this article provides a new foundation for marketing theory.