Petroleum industry was never been continuously a growth industry. When so ever products innovation took place industry has to face challenges.
Customer Orientation: Most of the industries are still product oriented than customer oriented. They are preoccupied with their specific products and do not want to change their products or vary their products according to the wishes and need of the customers. Even best companies like Detriot or Ford who have adopted best practices in the industry are not customer oriented. Some of the companies like nylon and glass industry specifically E.I. du pont de nemours and Corning Glass Work are successful not due to technical competence and product orientation but due to throughout customer oriented policies. It is constant watchfulness for opportunities to apply their technical know - how to creation of customer satisfying uses that accounts for their prodigious output of successful new product.
Myopic Vision: Industry failure attributed to their faulty, narrow, short term and temporary vision. Due to poor conceptualization companies may not be able to offer more value to their customers and become ineffective. Improperly defined purposes as in the case of railroads and Hollywood films prove fatal for the industry. This narrow vision always results in the stagnation of industries. Most of the industries that define its vision so narrowly, lack of imagination, lacking the will to survive, do not satisfy public inventiveness and skill results in premature demise.
Product Innovation: industries which are pretty content with their growth moves into comfort zone and never been able to think imaginatively. They have never been able to develop new products and vary their product according to their customer needs. At times industries not bother to think about product innovation. Petroleum industry is the distressing example of how complacency and wrong headedness can stubbornly convert opportunities into disaster. Most of their product improvement came from outside of the industry.
Research & Development: Industries, which are heavily dependent on research and development process and mass production, could not be able to pay more attention on customers need. The top management of the company is wholly transfixed by the profit possibilities of technical research and development. Company's top management heavy with scientist, researchers and technical people seldom knows the exact situation of the market and customer requirements. They are product oriented rather than customer oriented.
Now in the present situation where information flows across the globe and people are aware and connected with almost all parts of the World marketing management has taken newer dimensions. Marketing can simply be defined, as "meeting needs profitably". (Kotler). Management theorist Peter defined marketing, as "The aim of marketing is to make selling super flows. The aim of marketing is to know and understand the customer so well that the product or services fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy." (Drucker). "Marketing management is the process of planning and executing the conception, pricing, promotion and