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The study here responds to the view that the crucial problem in strategic management (research) is firm heterogeneity – why firms adopt different strategies and structures, why heterogeneity persists, and why competitors perform differently. The present study applies complexity theory tenets and a “neo-configurational perspective” of Misangyi et al. (2016) in proposing complex antecedent conditions affecting complex outcome conditions. Rather than examining variable directional relationships using null hypotheses statistical tests, the study examines case-based conditions using somewhat precise outcome tests (SPOT). The complex outcome conditions include firms with high financial performances in declining markets and firms with low financial performances in growing markets – the study focuses on seemingly paradoxical outcomes. The study here examines firm strategies and outcomes for separate samples of cross-sectional data of manufacturing firms with headquarters in one of two nations: Finland (n = 820) and Hungary (n = 300). The study includes examining the predictive validities of the models. The study contributes conceptual advances of complex firm orientation configurations and complex firm performance capabilities configurations as mediating conditions between firmographics, firm resources, and the two final complex outcome conditions (high performance in declining markets and low performance in growing markets). The study contributes by showing how fuzzy-logic computing with words (Zadeh, 1966) advances strategic management research toward achieving requisite variety to overcome the theory-analytic mismatch pervasive currently in the discipline (Fiss, 2007, 2011) – thus, this study is a useful step toward solving the crucial problem of how to explain firm heterogeneity.

Purpose – We use data from the United States and Finland, a literature review, and historical analysis to understand the concept and role of cool within global consumer culture.

Methodology/approach – This is a conceptual review and qualitative analysis of data from depth interviews, journals, and online discussion groups in two U.S. locations and one Finnish location.

Findings – Cool is a slang word connoting a certain style that involves masking and hiding emotions. As cool diffuses we find that it is both distilled and diluted. The concept itself has also evolved. What was once a low-profile means of survival and later a youthful rebellious alternative to class-based status systems has become commoditized.

Research limitations/implications – The study has been conducted in two cultures with a limited range of ages thought to be most susceptible to the appeal of being cool.

Practical limitations/implications – Marketers may not yet have exploited cool as effectively as they have exploited sex, but mainstream consumers now look for cool in the marketplace more than within themselves. The result is a continuous race to offer the next cool thing.

Originality/value of chapter – It is argued that coolness is a new status system largely replacing social class, especially among the young.