Organizing for the New Normal
Explore how to improve your odds of success through a positive sense of urgency, innovation and exploiting the disruption.
Costas Markides
Professor of Strategy and Entrepreneurship; Robert P Bauman Chair in Strategic Leadership
BA MA (Boston) MBA DBA (Harvard)
Professor Costas Markides is recognised as one of the world’s foremost experts on strategy and innovation. An internationally acclaimed teacher and conference speaker, Professor Markides has researched the topics of strategic innovation, business model innovation, diversification and international acquisitions.
His work explores how established companies could pursue radical or disruptive innovation and how they can compete with two business models in the same industry. He also examines how companies can create a culture of continuous innovation and the role that individual managers play in making a company more innovative.
Professor Markides' book, All the Right Moves: A Guide to Crafting Breakthrough Strategy was shortlisted for the Igor Ansoff Strategic Management Award in 2000. Similarly, his Fast Second: How Smart Companies Bypass Radical Innovation to Enter and Dominate New Markets (with the late Paul Geroski), was on the shortlist for the Financial Times-Goldman Sachs Management Book of the Year in 2005. In Game-Changing Strategies (2008), Professor Markides explores how established firms can use business model innovation to break the rules in their markets and how to respond when a disruptive business model invades their markets. His latest book was published in 2021 and is entitled: Organizing for the New Normal: Prepare your company for the journey of continuous disruption. He is currently examining how established firms respond to new business models invading their markets and is writing a new book entitled: Business Model Innovation: Strategic and Organizational Issues for Established Firms.
A native of Cyprus, Professor Markides received his BA (Distinction) and MA in Economics from Boston University, and his MBA and DBA from Harvard Business School. He is now Professor of Strategy and Entrepreneurship and holds the Robert P Bauman Chair of Strategic Leadership at London Business School.
- cmarkides@london.edu
- +44 (0)20 7000 8740
- Costas Markides CV
Research Awards
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Graduated Summa Cum Laude with Distinction in Economics, 1983
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Dean's List, Boston University: 1981-82, 1982-83
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Elected to Phi Beta Kappa, Boston University, 1983
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Awarded the Alumni Student Award in Economics, 1983
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Awarded full scholarship for M.A. degree
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B.A. and M.A. degrees received within two years of matriculation, 1981-1983
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Invited Participant, Doctoral Consortium, Policy and Planning Division, Academy of Management, Anaheim, 1988
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Harvard Business School Fellowship (1989-1990)
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Recognized Teacher, University of London
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Winner, 1997 Outstanding Reviewer for the BPS Division of Academy of Management
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Winner of the LBS Excellence in Teaching Award Across All Programmes (and Executive Education), 1999 (first time ever that the award was given)
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Nominated for the UK National Teaching Fellowships Scheme (NTFS), 2000
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Winner of the LBS Innovation in Learning Teaching Award, 2001
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Awarded the Robert P. Bauman Chair in Strategic Leadership, LBS, April 2001
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Winner of the LBS Exec MBA Excellence in Teaching Award, 2004
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Winner, LBS 2005 Senior Faculty Teaching Award
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Winner, Excellence in Teaching Award, 2009
- Corporate entrepreneurship
- Corporate strategy and disruptive innovation
2023
Have companies become too specialized?
Markides C; Vermeulen F
Harvard Business Review Digital Articles 2023 14 February
2022
Boundary Conditions for effective delegation in flat structures
Markides C
Journal of Organization Design 2022 Vol 11:1 p 19-22
Don't confuse strategy with lofty goals
Markides C
Harvard Business Review Digital Articles 2022 June 8
How to Choose the Right Ecosystem Partners for Your Business
Lanzolla G; Markides C
Harvard Business Review Digital Articles 2022
Managing Multiple business models : the role of interdependencies
Markides C; Harren H; zu Knyphausen-Aufseß D
Schmalenbach Journal of Business Research 2022 Vol 74 p 235-263
2021
A business model view of strategy
Lanzolla G; Markides C
Journal of Management Studies 2021 Vol 58:2 p 540-553
Causal mapping for strategy execution: Pitfalls and applications
Markides C; MacLennan A
California Management Review 2021 Vol 63:4 p 89-122
2020
Creating the right kind of urgency to bring about change
Markides C; Lancefield D
Strategy and Business 2020 8 July
How to convince people that a crisis is also an opportunity
Markides C; Lancefield D
Forbes online 2020 28 April
2019
'Exit or Voice are not the only options' In: Theorizing About an AOM President’s Response to Crisis and the Counter Responses It Evoked / Bartunek et al
Markides C
Journal of Management Inquiry 2019 Vol 28:3 p 276-282
Firms need new ways to monitor their environment
Markides C; Oyon D; Schnegg M; Davila T
London Business School Review 2019 12 August 2019
2018
How can a big firm be like a start-up?
Markides C
London Business School Review 2018 20 February 2018
Using management control systems to support agility
Markides C; Oyon D; Schnegg M
in Heracleous, L & Prange, C (eds.): Agility.X: how organizations thrive in unpredictable times, Cambridge University Press
2017
Even the biggest firm can free its inner entrepreneur
Markides C
London Business School Review 2017 Vol 28:1 p 18-21
Maximizing shareholder value is the wrong thing to be pursuing
Markides C
in Crainer S and Dearlove D (eds.), Dear CEO, London: Bloomsbury Business
What to expect in 2017
Jolly R; Markides C; Mullins J; Pillutla M; Yueh L
London Business School Review 2016 December
2015
Achieving change that lasts
Markides C; McGahan A
London Business School Review 2015 Vol 26:1 p 14-19
How established firms exploit disruptive business model innovation: Strategic and organizational challenges
Markides C
in Foss, N & Saebi, T (eds.): Business model innovation: the organizational dimension, Oxford University Press
Research on business models: Challenges and opportunities
Markides C
in Baden-Fuller, C & Mangematin, V eds.): Advances in strategic management, Vol. 33, Emerald Publishing, 2015
What if small changes really could change the world?
Markides C; McGahan A
London Business School Review 2015 Vol 26:3 p 40-44
2013
Business model innovation: What can the ambidexterity literature teach US?
Markides C
Academy of Management Perspectives 2013 Vol 27:4 p 313-232
Disruptive innovation at the bottom of the pyramid: What role can western incumbents play?
Markides C
In Disruptive Innovation in Chinese and Indian Businesses, New York: Routledge 2013 p 167-178
Pioneering and first-mover advantages: The importance of business models
Markides C; Sosa L
Long Range Planning 2013 Vol 46:4-5 p 325-334
2012
Competitive strategy research's impact on practice
Markides C
In Giovanni Battista Dagnito (ed.): Handbook of Research on Competitive Strategy, chapter 26, pp. 561-574
How disruptive will innovation from emerging markets be?
Markides C
MIT Sloan Management Review 2012 Vol 54:1 p 22-25
Think again: Fine-tuning your strategic thinking
Markides C
Business Strategy Review 2012 Vol 23:4 p 80-85
2011
Crossing the chasm: How to convert relevant research into managerially useful research
Markides C
Journal of Applied Behavioural Science 2011 Vol 47:1 p 121-134
2010
Creativity is not enough: How to create new market space through business-model innivation
Markides C
IMP perspectives 2010 Vol 2 p 73-81
The last frontier: Market creation in conflict zones, deep rural areas and urban slums
Anderson J; Markides C; Kupp M
California Management Review 2010 Summer Vol 52:4 p 6-28
What to do against disruptive business models: When and how to play two games at once
Markides C; Oyon D
Sloan Management Review 2010 Summer Vol 51:4 p 25-32
2009
Innovation through ambidexterity: how to achieve the ambidextrous organization
Markides C; Chu W
In Costanzo L and MacKay B eds., Handbook of research on strategy and foresight, Elgar, 2009
2008
Game-changing strategies: how to create new market space in established industries by breaking the rules
Markides C
San Fancisco: Jossey Bass, 2008
How to create the industries of the 21st century
Markides C
In Galavan R; Murray J and Markides C eds., Strategy, innovation and change: challenges for management. Oxford: Oxford University Press, 2008
The strategy of art
Markides C; Anderson J; Reckhenrich J
Business Strategy Review 2008 Autumn Vol 19:3 p 5-12
2007
In search of ambidextrous professors
Markides C
Academy of Management Journal 2007 Aug Vol 50:4 p 762-768
Strategic innovation at the base of the economic period
Anderson J; Markides C
Sloan Management Review 2007 Vol 49:1 p 83-88
2006
Creativity is not enough: How strategic innovators succeed in the marketplace
Markides C; Anderson J
European Journal of Innovation Management 2006 Vol 9:2 p 129-148
Disruptive innovation: in need of better theory
Markides C
Journal of Product Innovation Management 2006 Vol 23:1 p 19-25
Exploring the boundary of strategy and economics: an essay in memory of Paul Geroski
Markides C
International Journal of the Economics of Business 2006 Vol 13:1 p 7-11
2005
Spotlight: strategy in turbulent times
Markides C
Management Decision 2005 Vol 43:9 p 1225-1231
Tackling upstart competitors?: it's not easy
Markides C
CIIM Management Review 2005 Spring Vol 1:1 p 4-9
2004
Competing with dual business models: a contingency approach
Markides C; Charitou C
Academy of Management Executive 2004 Aug Vol 18:3 p 22-36
Creating new radical markets: the myth of first mover advantage
Markides C; Geroski P A
Market Leader 2004 Spring Vol 24 p 21-26
Portfolio restructuring based on strategic relatedness between businesses: a suggestion for the chaebol
Lee J-H; Markides C
in Jwa S-H and Lee K eds., Competition and corporate governance in Korea, p 249-276, Edward Elgar, 2004
Racing to be second: conquering the industries of the future
Markides C; Geroski P
Business Strategy Review 2004 Winter Vol 15:4 p 25-31
The art of scale: how to turn someone else's idea into a big business
Geroski P; Markides C
Strategy and Business 2004 Summer Vol 35 p 51-59
T-innovation: using information and communication technology to achieve strategic innovation
Anderson J; Markides C
International Journal of Innovation and Technology Management 2004 June Vol 1:2 p 233-248
What is strategy and how do you know if you have one?
Markides C
Business Strategy Review 2004 Summer Vol 15:2 p 5-12
2003
Colonizers and consolidators: the two cultures of corporate strategy
Markides C; Geroski P
Strategy and Business 2003 Fall Vol 32 p 46-55
How to respond to disruptive strategic innovation
Charitou C; Markides C
Market Leader 2003 Summer Vol 21 p 18-24
Racing to be second: innovation through imitation
Markides C
in Birkinshaw J et al. eds., Future of the multinational company, p 211-221, Wiley, 2003
Responses to disruptive strategic innovation
Charitou C; Markides C
Sloan Management Review 2003 Winter Vol 44:2 p 55-63
Teaching elephants how to dance and other silly ideas
Markides C; Geroski P A
Business Strategy Review 2003 Autumn Vol 14:3 p 49-53
Walking on water: how to win by breaking the rules
Markides C
in von Stamm B ed., Innovation wave, p63-73, Wiley, 2003
2002
Corporate strategy: the role of the centre
Markides C
in Pettigrew A, Thomas H and Whittington R eds., Handbook of strategy and management, p 98-112, Sage, 2002
Imitation and the sustainability of competitive advantage
Larsen E R; Markides C; Gary S
in Academy of Management Best Paper Proceedings, Denver, 2002
Strategy as balance: from 'either-or' to 'and'
Markides C
Business Strategy Review 2001 Autumn Vol 12:3 p 1-10
What is strategy and how do you know if you have one?
Markides C
in Crainer S, Dearlove D eds., Financial Times handbook of management. 2nd ed., p 230-242, Pearson Education, 2001
2000
Changing the strategy at Nespresso: an interview with former CEO Jean-Paul Gaillard
Markides C; Dyon D
European Management Journal 2000 Jun Vol 18:3 p 296-301
Commentary on the Henry Mintzberg interview
Markides C
Academy of Management Executive 2000 Vol 14:3 p 39-41
Strategic innovation: Constantinos Markides on strategy and management
Markides C
Academy of Management Executive 2000 Vol 14:3 p 43-46
'Strategy and management: Constantinos Markides discusses strategic innovation': an interview by Paul Mang
Mang P; Markides C
European Management Journal 2000 Aug Vol 18:4 p 357-365
What to focus on?: corporate restructuring based on strategic and dynamic relatedness
Lee J-H; Markides C
in Jwa S-H, Lee I K eds., Korean chaebol in transition: road ahead and agenda, p305-346, Korea Economic Research Institute, 2000
Strategic innovation at Lan and Spar Bank: an interview with CEO Peter Schou
Markides C
European Management Journal 1999 Vol 17:2 p 165-173
Strategic innovation: the leaders' dilemma
Markides C
European Management Journal 1999 Vol 17:1 p 33-36
Strategy as making choices: a discussion with John Bachmann, managing principal of Edward Jones
Markides C
European Management Journal 1999 Vol 17:3 p 275-281
1998
International acquisitions: do they create value for shareholders?
Markides C; Oyon D
European Management Journal 1998 Vol 16:2 p 125-135
International joint ventures: the learning perspective
Markides C; Tracy E
in Urban S ed., Strategic alliances, partnerships and long-term cooperative relations, Gabler, 1998
Related diversification, core competences and corporate performance
Markides C; Williamson P
in Foss N ed., Resources, firms and strategies: a reader, Oxford University Press, 1998
Strategic innovation in established companies
Markides C
Sloan Management Review 1998 Spring Vol 39:3 p 31-42
To diversify or not to diversify
Markides C
in Harvard Business Review on strategies for growth, p 79-97, Harvard Business School Press, 1998
What constitutes an effective mission statement: an empirical investigation
Markides C; Papadakis V
in Hitt M, Ricart J and Nixon R eds., New managerial mindsets: organizational transformation and strategy implementation, p 35-54, John Wiley & Sons, 1998
Corporate restructuring: a symptom of poor governance or a solution to past managerial mistakes
Markides C; Singh H
European Management Journal 1997 Jun Vol 15:3 p 213-219
Related diversification, core competences and corporate performance
Markides C; Williamson P
in Campbell A and Sommers K eds., Core competency-based strategy, p 96-122, International Thomson, 1997
1996
Business evolution and the sources of competitive advantage
Markides C
European Counsel 1996 Dec Vol 1:4 p 18
Corporate diversification and organizational structure: a resource-based view
Markides C; Williamson P J
Academy of Management Journal 1996 Vol 39:2 p 340-367
1995
Causes and consequences of corporate restructuring
Markides C
in Thomas H, O'Neal D and Kelly J eds., Strategic renaissance and business transformation, p 415-434, John Wiley, 1995
Diversification, restructuring and economic performance
Markides C
Strategic Management Journal 1995 Feb Vol 16:2 p 101-118
From ugly ducklings to elegant swans: transforming mature companies into world leaders
Markides C; Stopford J M
Business Strategy Review 1995 Summer Vol 6:2 p 1-24
Manufacturing offshore is bad business
Markides C; Berg N
in Pisano G and Hayes R eds., Manufacturing renaissance, p 115-127, Harvard Business School Press, 1995
Strategic management: overview
Markides C
in Crainer S ed., Financial Times handbook of management, Financial Times/Pitman, 1995
1994
Acquisitions, de-mergers and sell-offs: how to become an inside raider
Markides C
Alumni News 1993 Spring p 9-11
Information content of share repurchases: an empirical study
Oyon D; Markides C; Ittner C
British Journal of Management 1994 Vol 5 p 65-75 Special issue
Related diversification, core competences and corporate performance
Markides C; Williamson P J
Strategic Management Journal 1994 Summer Vol 15 p 149-165
Restructuring for competition
Markides C
in Heller R ed., Managing 1994: the competitive edge, p 22-24, Sterling Publications, 1994
Shareholder benefits from corporate international diversification: evidence from US international acquisitions
Markides C; Ittner C
Journal of International Business Studies 1994 Spring Vol 25:2 p 343-366
Stealing from thy neighbour: leveraged recapitalisations and wealth redistribution
Markides C; Oyon D
British Journal of Management 1994 Jun Vol 5:2 p 139-152
1992
Consequences of corporate refocusing: ex-ante evidence
Markides C
Academy of Management Journal 1992 Vol 35:2 p 398-412
Corporate divestitures: the stockmarket verdict
Markides C; Berg N
Long Range Planning 1992 Apr Vol 25:2 p 10-15
Economic characteristics of de-diversifying firms
Markides C
British Journal of Management 1992 Jun Vol 2:2 p 91-100
How much-hated takeover defences can unlock hidden value
Markides C
Multinational Business 1992 Summer Vol 3 p 21-28
1991
Are the European markets for corporate control competitive?: an (indirect) empirical test
Markides C; Oyon D
in Proceedings of the 17th Annual Conference of the European International Business Association, p 1057-1082, Copenhagen, 1991
Back to basics: reversing corporate diversification
Markides C
Multinational Business 1991 Winter Vol 4 p 12-25
1990
Valuation consequences of international acquisitions
Markides C; Oyon D; Ittner C
Ekonomia 1990 Vol 3:1 p 1-18
1989
Short term benefits, long term risks of offshore manufacturing
Markides C; Berg N
Directors and Boards 1989 Summer p 44-45
1988
Manufacturing offshore is bad business
Markides C; Berg N
Harvard Business Review 1988 Vol 66:5 p 113-120
2013
Business model innovation and the evolution of industry profitability
Gary S; Larsen E; Markides C
2006
Competitor Behavior in response to new entry: The Case of the German mobile phone market 1986-1998
Markides C C; Nattermann P M
Strategic and International Management Working Paper
Firm Imitation and Performance: A Simulation Study
Gary M S; Larsen E; Markides C C
Strategic and International Management Working Paper
Innovation through Ambidexterity: How to Achieve the Ambidextrous Organization
Markides C C; Chu W
Strategic and International Management Working Paper
2003
Firm-level imitation and the evolution of industry profitabililty: a simulation study
Markides C; Gary M S; Larsen E
Strategic and International Management Working Paper
From creating to conquering markets: how mature firms innovate
Markides C; Geroski P
Strategic and International Management Working Paper
New entry, strategy convergence and the erosion of industry profitability
Markides C; Larsen E; Nattermann P
Strategic and International Management Working Paper
2023
Business model innovation: strategic and organizational issues for established firms
Markides C
Cambridge University Press, 2023
2021
Organizing for the New Normal: Prepare Your Company for the Journey of Continuous Disruption
Markides C
London, Kogan Page
Strategy, innovation and change: Challenges for management
Galavan R; Murray J; Markides C; eds.
Oxford: Oxford University Press, 2008
2005
Fast second: how smart companies bypass radical innovation to enter and dominate new markets
Geroski P A; Markides C
Jossey Bass, 2005
2003
Future of the multinational company
Birkinshaw J; Ghoshal S; Markides C; Stopford J M; Yip G; eds.
John Wiley, 2003
Reuters Market Light: Strategic Innovation at the Bottom of the Pyramid
Markides C; Winig L; Oyon D
Teaching portfolio
Our teaching offering is updated annually. Faculty and programme material are subject to change.
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Masters Degrees electives
Optional courses providing a deep dive into specialist areas.
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Digital For Impact
This course is an experiential learning initiative designed to be a mixture of in-person and virtual experiences. Students in the course will consult remotely and in teams with small and medium enterprise (SME) clients in East Africa to deliver tangible business recommendations around the theme of "Digital for Impact". Over the course of 10 weeks students will be supported by faculty and regional on-the-ground contacts-with plenary lectures and skills sessions to complement the client work. -
Strategy Execution
Strategy execution capability is critical for organisations. As they grow and become more complex, the pressure to execute successfully increases. This course focuses on how organisations can more reliably achieve their strategic objectives by 'doing the right things right.' The elective builds on the core strategy course and creates a bridge between strategy and operations. It draws on leading research and adopts a highly practical approach, incorporating much direct application by students to real organisational challenges.
Graduates with the capability to not only develop but also execute strategy will be attractive to many organisations faced with strategy execution challenges and to consulting firms. For those pursuing a career in entrepreneurship, this course will also be invaluable.
PROGRAMMES WITH THIS ELECTIVE
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Digital For Impact
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Executive Education
Short programmes offering academic excellence, global focus and exceptional diversity of perspective.
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Developing Strategy for Value Creation
"Making a real difference by defining how your business operates is an extraordinary task requiring focus and action. Developing Strategy for Value Creation will equip you with creative ways to break the rules that most businesses take for granted and opportunties to develop new sources of value." -
Exploiting Disruption in a Digital World
- Mastering Digital Transformation
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Senior Executive Programme
"Thinking strategically, developing leadership skills and managing globally are the keys to achieving and maintaining competitive advantage in a rapidly evolving marketplace". - The Chief Financial Officer Programme
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Developing Strategy for Value Creation