The fast development of online technology since the mid of the 1990s had a radical impact on marketing too. Leaving behind the sinking ships of mass media, online marketing has developed and adopted a new set of tools allowing for more precise and cost-effective marketing measures. But after innovating and optimising traditional marketing by the means of network technology and software an even greater leap is under way: Social media marketing will presumably be more a revolution than an evolution: Expanding the flow of marketing communication from the sender-receiver scheme to a multidimensional and multidirectional conversation involving brands, single users, their peers and traditional media. The work covers relevant questions in the current marketing reality: What are the main differences between online marketing and social media marketing? What categories of marketing tasks are better suited for social media marketing? How did the two categories evolve in the context of the overall development of online media? What are the drivers behind online and social media marketing? What are the tools available for both categories? How are brands implementing social media and how are they connecting it to traditional marketing? What are the expectations in the new marketing tools, what are unknowns and imponderables? Are there rules for social media? Can traditional marketing theory integrate online and social media marketing or are new approaches needed therefore?