Critisised for not being adequate in many analytical and processual complex marketing situations, the conventional micro-economic framework is challenged. Relationship marketing has been proposed as a new paradigm in marketing. This paper discusses three different schools of thought in relationship marketing: the IMP group, the Nordic school, and the Anglo-Australian approach. Main components of each school are identified; different streams of research in relationship marketing are examined; and different relational exchange perspectives are considered. Moreover, two specific tools developed specifically to guide managers are examined. The second part of the paper sets out a number of directions for future research, including a bibliometric study to assess whether or not a consistent theory of relationship marketing exists, as well as an identification of contextual factors that are relevant for different marketing styles.