Todd Defren writes a post about the future of marketing with the advent of social media. To me marketing is all about listening, listening to make a better product or service, and a profit at the same time. That's one reason why identify with social media so much, it gives marketing the ability to connect with customers for a dialogue.
Traditional marketing has mainly been about advertising, but market research was always been somewhere there in the background, and market research is all about listening to the customer. I think social media brings the influence of market research or listening in marketing to the top of marketer's minds.