IMNPD Assignment

Innovation Management and New
Product Development
(BM050-3.5-3-IMNPD)
a
Individual Assignment
Chronos
Sree Prakash A/L Baskaran
| TP032890
Lecturer: Dr. Puvaneswaran A/L Kunasekaran

Submission Date: 20 May 2016
Word count: 3318 words (excluding tables, figures, headings, appendices, captions, etc)
Table of Contents
1.0 Question 1 ................................................................................................................................. 6
1.1 Introduction ........................................................................................................................... 6
1.2 Market positioning and brand management strategies ........................................................ 11
1.2.1 Brand ............................................................................................................................ 11
1.2.2 Brand Management....................................................................................................... 12
1.2.3 Branding vs Positioning................................................................................................ 13
1.2.4 How Branding and Positioning Relate ......................................................................... 14
1.2.5 Chronos Marketing Positioning & Brand Management Strategy ................................. 15
2.0 Question 2 ............................................................................................................................... 24
2.1 SWOT Analysis................................................................................................................... 24
2.1.1 Internal Environment .................................................................................................... 26
2.1.2 External Environment ................................................................................................... 29
2.2 Ansoff Matrix ...................................................................................................................... 32
2.2.1 Chronos Position in the Ansoff Matrix ....................................................................... 34
Conclusions ................................................................................................................................... 38
References ..................................................................................................................................... 39
Appendix ....................................................................................................................................... 48
Table of Figures
Figure 1 Chronos disc (Wearchronos.com, 2016) .......................................................................... 6
Figure 2 Chronos disc attached to the back of a watch (Costa, 2015) ............................................ 6
Figure 3 Chronos disc on wristwatch (Charara, 2016) ................................................................... 7
Figure 4 Chronos feature: Smart notifications (Chronos, 2016) .................................................... 8
Figure 5 Chronos feature: Integrated fitness tracking (Chronos, 2016) ......................................... 9
Figure 6 Chronos feature: Gesture control (Chronos, 2016) .......................................................... 9
Figure 7 Chronos logo and name (Wearchronos.com, 2016) ....................................................... 10
Figure 8 Roles that brands play (Keller, 2013) ............................................................................. 11
Figure 9 Strategic brand management process in detail (Keller, 2013) ........................................ 12
Figure 10 Chronos website screenshot 1 (Wearchronos.com, 2016)............................................ 16
Figure 18 Chronos' Facebook photos 1 (Facebook, 2016) ........................................................... 21
Figure 19 Chronos' Facebook photos 2 (Facebook, 2016) ........................................................... 21
Figure 20 Chronos' Instagram photos 1 (Instagram.com, 2016)................................................... 22
Figure 21 Chronos' Instagram photos 2 (Instagram.com, 2016) ................................................... 22
Figure 22 Chronos pre-order discount (Wearchronos.com, 2016) ............................................... 23

Figure 23 SWOT Analysis (Yount, 2015) .................................................................................... 24
Figure 24 Strengths (SWOT Analysis: Strategy Skills, 2013) ..................................................... 26
Figure 25 Ansoff Matrix (Ward, 2009)......................................................................................... 32
Figure 26 Ansoff Matrix for Chronos (Source: Self-developed) .................................................. 34
Figure 27 Chronos disc technology specifications (Wearchronos.com, 2016) ............................ 35
Figure 28 Chronos FAQ section (Wearchronos.com, 2016) ........................................................ 36
Figure 29 Trivoly Indiegogo campaign comments (Indiegogo, 2016) ......................................... 37
Table of Tables
Table 1 Branding vs Positioning ................................................................................................... 13
Table 2 SWOT Analysis-Internal Environment: Strengths and Weaknesses ............................... 28
Table 3 SWOT Analysis-External Environment: Opportunities and Threats .............................. 31
1.0 Question 1
1.1 Introduction
The chosen product is a wearable technology known as the Chronos disc (more commonly referred
to as Chronos), a tiny device that when attached to the back of almost any wristwatch, transforms
it into a smartwatch.
Figure 1 Chronos disc (Wearchronos.com, 2016)
Figure 2 Chronos disc attached to the back of a watch (Costa, 2015)
The Chronos disc eliminates the disruptive noise and unnecessary confusion from current
smartphone notifications by employing an innovative and intuitive physical interaction on the
users wrist, along with the ability for health tracking (AngelList, 2016). The specifications of the
Chronos disc are (Wearchronos.com, 2016):
a) Stainless steel casing
b) Bluetooth 4.0 Low Energy integration
c) Water-resistant construction
d) 3-day battery life
e) Wireless charging via conductive housing
f) Accelerometer
g) Haptic vibration and LED notifications
h) Non-residue micro-suction adhesive backing
i) Patent pending design
Furthermore, the Chronos disc measures only a mere 2.5mm thin and 33mm in diameter that will
fit behind the faces of over 80% of watches (Forster, 2016).
Figure 3 Chronos disc on wristwatch (Charara, 2016)
In a Youtube video titled Chronos: Transform Any Watch into a Smartwatch from the uploader,
Wefunder, the co-founders of Chronos explain their new invention, the Chronos disc (Wefunder,
2016). Transcribed from a portion of that video: So weve done a ton of research, thousands of
people, user studies and we found that what people really love about their smartwatch is three
things: They love being able to track their steps and activity, checking the time and receiving
unique personalized notifications. So thats what we really focused in on and what we realized is
to do that, we dont need a screen. Current features and application of the Chronos disc are
(Wearchronos.com, 2016):
Smart Notifications: Notifications via distinct vibrations and optional light patterns for
selected contacts, phone calls, calendar invites, etc.
Integrated Fitness Tracking: Steps and activity are tracked throughout the day. Data can be
accessed via the Chronos app or synced with other fitness platforms.
Gesture Control: The phones volume, music and camera can be controlled through
personalized taps and gestures.
Figure 4 Chronos feature: Smart notifications (Chronos, 2016)
Figure 5 Chronos feature: Integrated fitness tracking (Chronos, 2016)
Figure 6 Chronos feature: Gesture control (Chronos, 2016)
The Chronos disc is the first product of the San Francisco-based company, Chronos. Chronos is a
technology company empowered with the vision of ushering technology to the watch industry by
discreetly transforming any watch into a fully connected timepiece (Wearchronos.com, 2016).
Figure 7 Chronos logo and name (Wearchronos.com, 2016)
Co-founded by Mark Nichol and Luke Fromowitz in 2014 as a startup, Chronos soon received
funding from angel investors in AngelList (AngelList, 2016) and graduated from the Highway1
incubator program, an accelerator for hardware startups (Highway1, 2016). Chronos has then
evolved into a company and has been gaining a lot of media attention. The Chronos disc was
featured in CES 2016 (Charara, 2016) and is even known by Coach as one of the best 20 fitness
gadgets from CES 2016 (Harris-Fry, 2016).
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1.2 Market positioning and brand management strategies

1.2.1 Brand
As defined by BusinessDictionary.com, a brand is a unique design, sign, symbol, words, or a
combination of these, employed in creating an image that identifies a product and differentiates it
from its competitors (BusinessDictionary.com, 2016). To both consumers and manufacturers,
brands play important roles (see figure 8). To consumers, brands take on a special meaning because
of past experiences with brands and its marketing program throughout the years, consumers
discover which brands satisfy their needs and which do not. To manufacturers, brands represent
extremely valuable pieces of legal property, capable of influencing consumer behavior, and
providing the security of continuous future revenues (Keller, 2013).
Figure 8 Roles that brands play (Keller, 2013)
Therefore, it can be said that a brand is seen as one of the most valuable assets for a company as it
is a representation of the company. (Investopedia, 2004).
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1.2.2 Brand Management

As brand is a highly valued asset, it is vital for companies, including Chronos, to have a plan to
continuously build the image of the brand (The Economist, 2014). To achieve this, a strategic
brand management plan is needed. Strategic brand management comprises of the design and
implementation of marketing activities to build, measure and manage brand equity (Keller, 2013).
The steps to a strategic brand management process is shown below in figure 9.
Figure 9 Strategic brand management process in detail (Keller, 2013)
From Figure 9, in the step Identify and Establish Brand Positioning and Values, it can be seen
that brand positioning is part of the strategic brand management process (Keller, 2013). Brand
positioning and market positioning are the same as it is essentially referring to positioning however
it is important to note that branding and positioning are different.
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1.2.3 Branding vs Positioning

Branding
Positioning
Branding is managed through strategic brand

management.
Positioning is managed through market

positioning.
A branding strategy refers to creating a buzz

A positioning strategy relates a lot more
around your company and its various products towards specific products that a company puts
(Wahm.com, 2016).
out (Wahm.com, 2016).
Branding activities include showing off the
company logo at community events, talking
in general about how great a company is, or
related activities that get visibility for the
company as a whole and improve its
perception in the general consumer
community (Wahm.com, 2016).
In positioning, a company looks to develop its

products or services according to specific
niche markets, or roles within a consumer
demand scenario (Wahm.com, 2016).
In very simple terms, a brand is a personality.

While the personality of a product, service or
company is ultimately determined by the
target market, companies will often identify
how they wish to be perceived and then take
steps to influence consumer perceptions based
on product, price, distribution and
promotional elements of the marketing mix
(Richards, 2016).
Positioning involves claiming a position or

reputation in a market or several markets for a
company, product or service. Positioning also
involves identifying ways in which your
company's offerings differ from competitors'
offerings (Richards, 2016).
To direct the brand image of a company

through the quality of their products and
services, responsiveness to customer needs
and other tactics that support the image they
want to create, but whether or not they are
successful depends on the markets
experience (Truex, 2013).
Positioning is about where you rank in your

customers mind in relation to your
competition. Positioning your business comes
from differentiating yourself from your
competition. In other words, what do you
offer or do different from all the other
businesses that provide the same products or
services? (Truex, 2013)
Table 1 Branding vs Positioning
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1.2.4 How Branding and Positioning Relate

While branding and positioning have very distinct meanings as previously shown, they are also
related to each other (Richards, 2016). Here is how they relate:
1. It is observed that brand positioning (aka market positioning) is one of the steps of the strategic
brand management process. Therefore market positioning is a subset of brand management
(Keller, 2013).
2. Leslie Truex and George Boykin state in their separate articles that positioning precedes
branding. Positioning strategies will lure consumers to a business. The experience the
consumer has with the business will determine if they are successful in building a positive
brand image (Truex, 2013, Boykin, 2016). For example, Subways slogan of eat fresh. This
positioning strategy was designed to lure customers from their competitors with the promise
of fresh food. But this marketing effort will only work in building Subways brand if customers
felt that the company did indeed provide fresh food.
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1.2.5 Chronos Marketing Positioning & Brand Management Strategy

Chronos is a new business and at the moment, they only sell one product, the Chronos disc
(Olivarez-Giles, 2016). Leslie Truex in her article explains that new businesses should define the
brand image they want, however their first priority should be to focus on positioning themselves
in the marketplace, by identifying what makes them different and translating that difference into a
customer benefit. She also concludes that if new businesses deliver on the benefit promised, they
will be successful in building a positive brand image (Truex, 2013). Leslies explanation further
stresses the fact that positioning precedes branding.
As Chronos only sells one product and does not offer any other services at the moment, Chronos
brand management strategy should be to position themselves in the smartwatch market by
identifying the uniqueness and difference of their product and placing emphasis on that difference,
then translating it into a customer benefit (Richards, 2016). The uniqueness of Chronos product,
the Chronos disc, is that it is an affordable smart disc that attaches to the back of any watch (over
80% of watches) which instantly adding smartwatch capabilities (Tschorn, 2015). It is observed
that Chronos is already emphasizing this uniqueness of the Chronos disc as seen in their website
(see figures below).
Furthermore, market positioning is about where the brand is ranked in the customers mind in
relation to their competition (BusinessDictionary.com, 2016). Chronos uses certain words and
pictures on their website in an effort to influence their consumers perception of their brand and
product. The hope is for consumers to view them in a positive manner and eventually purchase the
Chronos disc (Shanker, 2012).
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Figure 10 Chronos website screenshot 1 (Wearchronos.com, 2016)
As seen in figure 10, the word affordable is used to influence consumers into thinking that the
Chronos disc is affordable (Forster, 2015). The words of any watch are used to make people
think that the Chronos disc can fit on watches that people already currently own (Decker, 2015).
In addition to that, the word instantly is used to make people think that there is little to no setup
needed for the Chronos disc. Chronos is leveraging the power of words and phrases in an effort to
increase sales of the Chronos disc (Knapp, 2013). Similar words are used in other portion of the
website such as Seamlessly Add Smart Functions, Designed With You In Mind, Completely
Customizable, and Incredible Technology. Unbelievably Discreet. and more are used
throughout their website to influence the view of their brand to website visitors (Brudner, 2014).
The screenshots featuring these words are shown below.
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17
18
19
In figure 17, Chronos is cleverly making use of brand association by including quotes from articles
of various reputable online news/magazines sites. These quotes are used to make customers
associate the trust they have with these reputable companies and relate that trust to Chronos
(Managementstudyguide.com, 2016). In addition to the subtle marketing strategies used on the
Chronos website, Chronos also has an active social media which promotes the Chronos disc
through posting pictures of various watches with the Chronos disc (Facebook, 2016;
Instagram.com, 2016). The screenshots from their social media accounts are shown below.
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Figure 18 Chronos' Facebook photos 1 (Facebook, 2016)
Figure 19 Chronos' Facebook photos 2 (Facebook, 2016)
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In the following Instagram photos, Chronos posts some photos of high end watches without the
Chronos disc attached to it and with a description saying that these watches are compatible with
the Chronos disc. This gives their viewers an impression of luxuriousness associated with the
Chronos disc (Han, Nunes and Drze, 2010). Notice that Choronos only uses photos of high end
watches and not low end watches which may negatively affect their brand associations (Praxmarer
and Gierl, 2009).
Figure 20 Chronos' Instagram photos 1 (Instagram.com, 2016)
Figure 21 Chronos' Instagram photos 2 (Instagram.com, 2016)

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From all the pictures above, it can be concluded that Chronos is indeed trying to position
themselves in the smartwatch market through their various efforts of subtle marketing and
emphasis on the uniqueness of their product (Entrepreneurship.org, 2016). Above all that, as an
added bonus, they have a limited time offer of a $40 discount for the Chronos disc (see figure
below). Whether they are successful in building the brand image depends on if they deliver the
promises they have promised to their consumers (Weintraub, 2014). That factor cannot determined
at the time of writing (April 2016) because their products have not been shipped out yet. Their
products will only ship next spring, around May/June 2016 (Decker, 2015). The customer
satisfaction and reviews of the product and their whole experience with the Chronos brand will
determine if Chronos was successful in building their brand image (Truex, 2013).
Figure 22 Chronos pre-order discount (Wearchronos.com, 2016)
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2.0 Question 2
Analysis of the internal and external factors that can influence the growth of Chronos and the
Chronos disc is discussed using the SWOT analysis and the Ansoff matrix models.
2.1 SWOT Analysis

As according to Dave Ketchen and Jeremy Short, SWOT analysis is a tool that considers a firms
strength and weaknesses along with the opportunities and threats that exist in the firms
environment (Dave Ketchen. and Jeremy Short., 2011). While the researcher completely agrees
with their definition, it is rather vague and does not point to the main focus of the SWOT analysis
which is the analysis of the internal and external environment of an organization.
A more explanatory definition would be that a SWOT analysis involves evaluation of the internal
environmental factors such as organizational resources and capabilities (strengths) and lack thereof
(weaknesses) and an evaluation of the external environmental factors for identification of market
opportunities (opportunities) and competitive forces (threats) (Feldman, Alexander and
Greenberg, 2011). The acronym for SWOT stands for Strengths, Weaknesses, Opportunities, and
Threats.
Figure 23 SWOT Analysis (Yount, 2015)
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The SWOT analysis in this research is to be performed for both the company, Chronos, and its
product, the Chronos disc. While the traditional method of the SWOT analysis is to analyse an
organization, it is also a useful tool to measure other entities such as a person or a product
(Elmansy, 2015). As stated in the Dictionary of Human Resources and Personnel Management,
SWOT analysis is a method of assessing a person, company or product by considering their
Strengths, Weaknesses and external factors which may provide Opportunities or Threats to their
development (Ivanovic and Collin, 2006). Another fitting definition for the SWOT analysis is the
SWOT analysis is a business analysis technique that your organization can perform for each of its
products, services, and markets when deciding on the best way to achieve future growth (SWOT
Analysis: Strategy Skills, 2013). The researcher finds these definitions to be perfectly suitable for
this situation as the focus of the SWOT analysis in this research is to analyse the internal and
external factors that can influence the growth of the newly developed product from Chronos, which
is the Chronos disc.
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2.1.1 Internal Environment

Internal Environment
The internal environment refers to the situation inside the Chronos organization. Strengths and
weaknesses are internal factors over which an organization has some measure of control over
(SWOT Analysis: Strategy Skills, 2013).
Strengths
A strength is something that positively impacts an organization by adding value and giving a
competitive edge to it (SWOT Analysis: Strategy Skills, 2013).
Figure 24 Strengths (SWOT Analysis: Strategy Skills, 2013)
The strengths of Chronos that can positively influence the growth of its Chronos disc are:
Price advantage over smartwatch competitors: The Chronos disc is only being sold
for a price range of $89.00 to $129.00 whereas its smartwatch competitors are selling it
at much higher prices (Wearchronos.com, 2016). Apples smartwatch price ranges from
$299.00 for their cheapest smartwatch and $17000.00 for their most expensive one
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(Apple, 2016). Samsungs smartwatch, the Gear S2 (including Gear S2 Classic), price
ranges from $299.99 to $449.99 (Samsung Electronics America, 2016).
Active social media: Through social media marketing, Chronos is able to reach the
masses of potential customers. Furthermore, keeping them constantly engaged is useful
in the effort to achieve positive brand recognition. Chronos is active on Facebook,
Twitter and Instagram (Facebook.com, 2016; Twitter.com, 2016; Instagram.com, 2016).
Good initial response from media networks: Various reputable media networks have
been showing positive responses about the Chronos disc through the articles published
on their websites (Wearchronos.com, 2016). An article in Bloomberg Business
(Pulvirent, 2015) says I liked that with Chronos, it was my wrist buzzing instead of my
phone. Another article in Hodinkee (Forster, 2015) says The app is smooth, fast and
uncomplicated; alerts come through quite reliably and battery life is as advertised. More
than 20 other media networks have posted articles featuring Chronos as well.
Less complex than a smartwatch / low learning curve: The functionalities of the
Chronos disc and its accompanying app are simple and easy to learn. Older people have
difficulty to adapt to new technologies but by offering a simple and easy-to-learn
product, their resistance to change is decreased thus allowing for successful adaptation
of new technologies (Telli Yamamoto, 2010). Chronos CEO and co-founder, Luke
Fromowitz said All the smartwatches right now are adding more complexity to your
behavior and to your daily life. Our whole mission is trying to de-complicate it.
(Steinmetz, 2015)
Weaknesses
Weaknesses are the factors that are unfavorable for the organization and needs to be addressed
to run a successful business (SWOT Analysis: A tool for making better business decisions,
2008).
The weaknesses of Chronos that can negatively influence the growth of its Chronos disc are:
Narrow product line: Chronos only sells the Chronos disc, with no variation of the disc.
There is no added accessories or extra functionalities that can be purchased. The narrow
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product line of Chronos will limit the choice of customers and defect them to competitors
with a wider selection of products (Learnmarketing.net, 2016).
Low brand awareness: People are not aware of the Chronos disc. Based on website
traffic readings for the Chronos website (https://wearchronos.com/) from Alexa, an
analytics tool for websites, Chronos is globally ranked 814627 whereas Apple
(www.apple.com) is ranked 53 and Samsung (www.samsung.com) is ranked 331
(Alexa.com, 2016). This estimate is also based on the popularity of Chronos on social
media shown below (as of March 25, 2016).
Chronos Wearables Facebook page likes = 681 (Facebook.com, 2016)
Chronos Wearables Twitter (@wearchronos) followers = 1035 (Twitter.com, 2016)
Chronos Wearables Instagram (wearchronos) followers = 394 (Instagram.com, 2016)
Brand favoritism: Big brands are often favored over small businesses such as Chronos
simply because these big businesses have been operating longer, have an established
customer base, and have achieved success multiple times (Leinbach-Reyhle, 2014). Big
brands such as Apple knows what works and what doesnt and can continue to leverage
on the age and experiences of the company to achieve continual success (Gabbert, 2012).
Chronos is yet to emerge as a major brand in the smartwatch market.
Table 2 SWOT Analysis-Internal Environment: Strengths and Weaknesses
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2.1.2 External Environment

External Environment
The external environment refers to the situation outside the Chronos organization. Opportunities
and threats are external factors of which an organization has little to no control over (SWOT
Analysis: Strategy Skills, 2013).
Opportunities
Opportunities are trends, forces, events, and ideas that your company can capitalize on (SWOT
analysis I, 2006).
Changes to consumer preference: In 2014, Google said that smartwatch users fall into
2 categories (Steinmetz, 2015): a) The hyperconnected, who wants to know everything
immediately; b) and the people who want to disconnect more and check their
smartphones less frequently, using the smartwatch as a medium that would only deliver
important alerts. This second category of users can be the target market for Chronos as
the Chronos disc is precisely made for the purpose of helping people disconnect more
from their phones.
Untapped markets: Chronos can partner with watch brands that do not have
smartwatches in their product line (e.g., Rolex, Omega, Longines, Hublot). Exploration
of these untapped markets can yield plenty of new partnerships opportunities and boost
the image of Chronos in the watch industry (Lake, 2009).
Integration rather than adaptation: The Chronos disc integrates with watches that
people already love. People do not need to purchase a new smartwatch and go through
the hassle of getting used to it, they can keep their current watch and still enjoy
smartwatch capabilities (Decker, 2015). As stated in a Wall Street Journal article
(Olivarez-Giles, 2015), Chronos may be a great way for people to try basic wearable
tech without ditching their beloved timepiece. The opportunity that Chronos has to take
advantage of is that everybody with a watch is a potential customer. The global boss of
Omega, Stephen Urquhart, had this to say about smartwatches (Drummond, 2016): God
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gave us two wrists. If people want to have a connected watch, they can put it on one and
have a beautiful mechanical watch on the other. The Chronos disc can bridge the gap
between the smartwatch and the classic timepieces.
Threats
Threats are factors that could place the business at risk. A business has little to no control over
these factors, but having contingency plans to address these threats may be beneficial if they
should occur (Berry, 2008).
Chronos disc is too simple: While the simplicity of the Chronos disc with its
accompanying app is suitable and even ideal for older folk, the younger generation are
more accustomed to new technologies and implementations (Telli Yamamoto, 2010).
The younger generation might find what the Chronos disc offers is too basic thus
seeming unattractive and deterring them for purchasing the Chronos disc. They would
most probably opt for more mainstream smartwatches with a load of features and
capabilities despite the higher prices (Intersperience.com, 2016).
Patent pending issues: While an invention is patent pending, it is useful as a warning

against people who wish to steal the invention due to patent infringements (Mlwiselaw.com, 2016). However, marking an invention patent pending means that the
invention is not patented yet. There is still uncertainty towards the scope of protection
of the patent and even if the patent will be issued (Richardspatentlaw.com, 2016).
Chances of failure or abandonment of the submitted patent can occur due to insufficient
resources (time & money) from the inventor (Bolden-Barrett, 2016). A study from New
York University entitled What is the Probability of Receiving a U.S. Patent?, reveals
that its becoming more difficult for small companies to get patents, while large
companies have both the financial resources and time to wait out the lengthy and costly
approval process (Quittner, 2014). Pursuing the patent for the Chronos disc might cost
multiple thousands of dollars and a long waiting period (Potts, 2016). Preparing for these
issues is vital for the success of Chronos.
Direct competitor: Trivoly is a direct competitor of Chronos as it offers the exact same
thing as Chronos, a tiny disc that can turn any watch into a smartwatch (Trivoly.com,
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2016). Furthermore, Trivoly offers an extra feature that the Chronos disc does not, an
optical heart rate sensor. This threat is worrying because it can lead Chronos potential
customers away to Trivoly (Brooks, 2007).
Table 3 SWOT Analysis-External Environment: Opportunities and Threats
Now that the SWOT analysis is completed, an analysis tool such as the Ansoff Matrix is used to
define the best growth strategy for Chronos (SWOT Analysis: Strategy Skills, 2013).
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2.2 Ansoff Matrix

The Ansoff Matrix is a business analysis tool that provides a framework for identification of
growth opportunities. In the Ansoff Matrix, consideration of implications of growing the business
through existing or new products and in existing and or new markets takes place (Ansoff Matrix:
Strategy Skills, 2016). The Ansoff Matrix was developed by H. Igor Ansoff in an article titled
"Strategies for Diversification which was first published in the Harvard Business Review in
1957 (Ansoff, 1957).
The Ansoff Matrix presents four alternative growth strategies in the form of a 2x2 matrix.
Figure 25 Ansoff Matrix (Ward, 2009)
Explanation of the four quadrants of the Ansoff Matrix are:
Market Penetration: The focus of the business is to sell more of its existing products or
services into their current market segments, aiming to increase its market share
(Quickmba.com, 2016). It is a low risk strategy. Strategies include developing a new
marketing strategy, introducing loyalty schemes and special promotional offers
(Mindtools.com, 2016).
Market Development: The focus of the business is to develop new markets with existing
products or services (Doyle, 2011). It is a moderate risk strategy. Strategies include
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exploring new geographical markets, new distribution channels and new product
packaging (Ansoffmatrix.com, 2016).
Product Development: The focus of the business is to develop new products or services
for their existing markets (Ansoff Matrix: Strategy Skills, 2016). It is a medium risk
strategy. Strategies include introducing a new but related product and modifying an
existing product to achieve variations of the product (Riley, 2016).
Diversification: The focus of the business is to develop new products or services for new
markets (Meldrum and McDonald, 2013). It is a high risk strategy. Strategies include full
diversification, backward diversification and forward diversification (Ansoff Matrix:
Strategy Skills, 2016).
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2.2.1 Chronos Position in the Ansoff Matrix

Chronos has a new product, which is the Chronos disc, in an existing market, the smartwatch
market. Therefore, Chronos position in the Ansoff matrix would be in product development.
Figure 26 Ansoff Matrix for Chronos (Source: Self-developed)
In the product development strategy, a business aims to introduce new products to existing markets
(Ansoffmatrix.com, 2016). Chronos has clearly been using this strategy by introducing the
Chronos disc into the smartwatch market. Furthermore, the product development strategy requires
a business to develop modified products which can appeal to existing markets (Riley, 2016).
Chronos developed the modified product which is the Chronos disc that turns any watch into a
smartwatch. It breaks from the traditional idea of smartwatches whilst still achieving smartwatch
capabilities (Zinko, 2015). The Chronos disc is definitely appealing to existing markets as shown
by the positive responses from various journalists who have had their hands-on experience with
the Chronos disc (Wearchronos.com, 2016).
The product development strategy is particularly suitable for Chronos as the Chronos disc needs
to be differentiated and seen as unique in order to remain competitive (Philips, Jnr, 2010). Chronos
already seems to be doing that as the Chronos disc is definitely seen as unique and different in the
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smartwatch and wearables market. For a successful product development strategy, Chronos
requires a new emphasis to be placed on marketing in these areas (Ansoff Matrix: Strategy Skills,
2016; Riley, 2016):
Research & development (and innovation)
Assessment of customer needs
Being first to market
Research & development

For Chronos to pursue this growth strategy, investigation and assessment of new technologies,
processes, and materials would be needed (Ansoff Matrix: Strategy Skills, 2016). Chronos seems
to be currently headed in the right direction as indicated by their marketing and portrayal of the
Chronos disc from a technological standpoint. This shows that the focus of Chronos research and
development (R&D) was on investigation and assessment of technologies and materials. The
picture below is taken from the Chronos official website which shows the technology of the
Chronos disc being highlighted through its rich specifications.
Figure 27 Chronos disc technology specifications (Wearchronos.com, 2016)
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Furthermore, the focus of Chronos research was not only placed on the technological aspects of
the Chronos disc but also on their potential users, most probably through user studies. This
assumption is based on the FAQ section in the Chronos website where Chronos addresses the
potential concerns and questions that users might have in the FAQ. The picture below is taken
from the Chronos official website which shows the FAQ section.
Figure 28 Chronos FAQ section (Wearchronos.com, 2016)
Assessment of customer needs

In addition to the emphasis of R&D, assessment of customer needs is needed and is a vital
component in any product development strategy (Ansoff Matrix: Strategy Skills, 2016). As
Chronos development is technology driven, then R&D should be directed towards developing
products that market research indicates will meet an unmet need (Infinite Career, 2015). Based on
what the co-founders of Chronos said in a video, it is clear that they have done the assessment of
customers needs through conducting market research and user studies and developed the Chronos
disc based on the results gathered (Wefunder, 2016)
Here is what they said: So weve done a ton of research, thousands of people, user studies and we
found that what people really love about their smartwatch is three things: They love being able to
36
track their steps and activity, checking the time and receiving unique personalized notifications.
So thats what we really focused in on and what we realized is to do that, we dont need a screen.
(Wefunder, 2016)
Being first to market

Being first to market with a new product will guarantee a higher chance of gaining greater market
share, superior brand recognition, and customer loyalty as there are no competitors (Investopedia,
2006). Chronos seems to be the first to the smartwatch market with a product that turns any watch
into a smartwatch. Chronos disc was marketed since November 2015 and has since gained much
popularity, even appearing in the CES 2016 (Kenney, 2016).
However, a competitor recently appeared with a product named Trivoly, boasting the same
capabilities of the Chronos disc which is a device that turns any watch into a smartwatch. This
competitor is entering the market much later than Chronos as they have only successfully secured
funding in December 2015. The Trivoly has not been shipped out yet and based on comments on
their Indiegogo campaign, their backers are unhappy and accusing them of being fake (Indiegogo,
2016). This current dissatisfaction of the competitor will only help Chronos in their effort in
gaining market share (Keller, 2016).
Figure 29 Trivoly Indiegogo campaign comments (Indiegogo, 2016)

37
Conclusions
In conclusion, Chronos market positioning and brand management strategy is to position
themselves in the smartwatch market first and if and once Chronos delivers the promises they have
made during the marketing campaign, they will be successful in building the brand image.
Currently, it can be observed that Chronos has already taken various steps to position themselves
in the market by emphasizing the differences and uniqueness of their product. In addition to that,
their official website and social media are filled with subtle marketing tactics that can positively
influence the customers to buy the Chronos disc.
Furthermore, an analysis of the internal and external factors that can influence the growth of the
newly developed Chronos disc through the SWOT Analysis and Ansoff matrix models were
conducted. From the SWOT Analysis, in the internal environment, the strengths and weaknesses
of Chronos was discovered and discussed. Their strengths include a price advantage over their
smartwatch competitors, active social media, a good initial response from media networks, and a
low learning curve for the Chronos disc. Their weaknesses are a narrow product line, low brand
awareness, and brand favoritism in favor of big brands.
Other than that, from the Ansoff Matrix, we discover that Chronos is in the product development
strategy quadrant. The product development strategy involves R&D, assessment of customers
needs, and also being first to market. Chronos is seen to have performed R&D based on the
unbelievable technology of the Chronos disc. Furthermore, their assessment of customers needs
found what users really loved about a smartwatch and translated those features into the Chronos
disc. Lastly, Chronos has been successful in being the first to market. A competitor (Trivoly)
offering a very similar product to the Chronos disc did appear later than Chronos but there is
speculation that the competitor is a fake.
38
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47
Appendix
Below are some website links to help the reader of this document to get a better understanding of
Chronos and the Chronos disc.
Chronos website:
Main: https://wearchronos.com/
About: https://wearchronos.com/about
Technology: https://wearchronos.com/#incredible-technology
FAQ: https://wearchronos.com/#faq
Chronos social media:
Facebook: https://www.facebook.com/wearchronos
Twitter: https://twitter.com/wearchronos
Instagram: https://www.instagram.com/wearchronos/
Chronos videos:
No. Title
Uploader
Link
1.
Chronos Wareables
Chronos Info https://goo.gl/qrd424
2.
Chronos Product Info
Chronos Info https://goo.gl/nlEUR7
3.
Chronos: Transform Any Watch into a
Wefunder
https://goo.gl/iPCPTN
NerdAlert
https://goo.gl/VgRsry
BBC News
https://goo.gl/oAlQJk
Smartwatch
4.
The Smartwatch for People Who Don't Like

Smartwatches
5.
How to turn any watch into a smartwatch - BBC

News
48
Chronos articles:
1. TIME Magazine: http://goo.gl/rYLxmd
2. Hodinkee: https://goo.gl/AYVmVY
3. BBC: http://goo.gl/7z7lXh
4. New York Times: http://goo.gl/D9sMTc
5. Forbes: http://goo.gl/5HxLmj
6. The Verge: http://goo.gl/WuI86L
7. Los Angeles Times: http://goo.gl/wqoKao
8. Bloomberg Business: http://goo.gl/gJEdrP
9. The Wall Street Journal: http://goo.gl/nHDME7
10. SF Chronicle: http://goo.gl/IxNQiN
11. Techno Buffalo: http://goo.gl/FRTnyQ
12. Wareable: http://goo.gl/4IPcLH
13. Digital Trends: http://goo.gl/ikcibS
14. Gadget Review: http://goo.gl/M1Gz1C
15. Yahoo News: https://goo.gl/pGi3qJ
16. Cult of Mac: http://goo.gl/gRXn3e
49

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Innovation Management and New

Lecturer: Dr. Puvaneswaran A/L Kunasekaran

Figure 22 Chronos pre-order discount (Wearchronos.com, 2016) ............................................... 23

Figure 1 Chronos disc (Wearchronos.com, 2016)

Figure 2 Chronos disc attached to the back of a watch (Costa, 2015)

Figure 3 Chronos disc on wristwatch (Charara, 2016)

Figure 4 Chronos feature: Smart notifications (Chronos, 2016)

Figure 5 Chronos feature: Integrated fitness tracking (Chronos, 2016)

Figure 6 Chronos feature: Gesture control (Chronos, 2016)

Figure 7 Chronos logo and name (Wearchronos.com, 2016)

1.2 Market positioning and brand management strategies

Figure 8 Roles that brands play (Keller, 2013)

1.2.2 Brand Management

Figure 9 Strategic brand management process in detail (Keller, 2013)

1.2.3 Branding vs Positioning

Branding is managed through strategic brand

Positioning is managed through market

A branding strategy refers to creating a buzz

In positioning, a company looks to develop its

In very simple terms, a brand is a personality.

Positioning involves claiming a position or

To direct the brand image of a company

Positioning is about where you rank in your

Table 1 Branding vs Positioning

1.2.4 How Branding and Positioning Relate

1.2.5 Chronos Marketing Positioning & Brand Management Strategy

Figure 10 Chronos website screenshot 1 (Wearchronos.com, 2016)

Figure 11 Chronos website screenshot 2 (Wearchronos.com, 2016)

Figure 12 Chronos website screenshot 3 (Wearchronos.com, 2016)

Figure 13 Chronos website screenshot 4 (Wearchronos.com, 2016)

Figure 14 Chronos website screenshot 5 (Wearchronos.com, 2016)

Figure 15 Chronos website screenshot 6 (Wearchronos.com, 2016)

Figure 16 Chronos website screenshot 7 (Wearchronos.com, 2016)

Figure 17 Chronos website screenshot 8 (Wearchronos.com, 2016)

Figure 18 Chronos' Facebook photos 1 (Facebook, 2016)

Figure 19 Chronos' Facebook photos 2 (Facebook, 2016)

Figure 20 Chronos' Instagram photos 1 (Instagram.com, 2016)

Figure 21 Chronos' Instagram photos 2 (Instagram.com, 2016)

Figure 22 Chronos pre-order discount (Wearchronos.com, 2016)

2.1 SWOT Analysis

Figure 23 SWOT Analysis (Yount, 2015)

2.1.1 Internal Environment

Figure 24 Strengths (SWOT Analysis: Strategy Skills, 2013)

2.1.2 External Environment

Patent pending issues: While an invention is patent pending, it is useful as a warning

2.2 Ansoff Matrix

Figure 25 Ansoff Matrix (Ward, 2009)

Explanation of the four quadrants of the Ansoff Matrix are:

2.2.1 Chronos Position in the Ansoff Matrix

Figure 26 Ansoff Matrix for Chronos (Source: Self-developed)

Research & development (and innovation)

Assessment of customer needs

Being first to market

Research & development

Figure 27 Chronos disc technology specifications (Wearchronos.com, 2016)

Figure 28 Chronos FAQ section (Wearchronos.com, 2016)

Assessment of customer needs

Being first to market

Figure 29 Trivoly Indiegogo campaign comments (Indiegogo, 2016)

Available at: http://smallbusiness.chron.com/abandon-patent-45100.html [Accessed 12 Apr.

release-date-specs [Accessed 29 Mar. 2016].

Wordstream.com. Available at: http://www.wordstream.com/blog/ws/2012/10/15/why-seois-harder-for-small-businesses [Accessed 25 Mar. 2016].

Available at: http://mlwise-law.com/articles/is-my-invention-protected-when-it-is-patentpending [Accessed 28 Mar. 2016].

[Accessed 24 Mar. 2016].