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

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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 11 Chronos website screenshot 2 (Wearchronos.com, 2016)............................................ 17 Figure 12 Chronos website screenshot 3 (Wearchronos.com, 2016)............................................ 17 Figure 13 Chronos website screenshot 4 (Wearchronos.com, 2016)............................................ 18 Figure 14 Chronos website screenshot 5 (Wearchronos.com, 2016)............................................ 18 Figure 15 Chronos website screenshot 6 (Wearchronos.com, 2016)............................................ 19 Figure 16 Chronos website screenshot 7 (Wearchronos.com, 2016)............................................ 19 Figure 17 Chronos website screenshot 8 (Wearchronos.com, 2016)............................................ 20 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

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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

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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

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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)

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The Chronos disc eliminates the disruptive noise and unnecessary confusion from current smartphone notifications by employing an innovative and intuitive physical interaction on the user’s 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)

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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 we’ve 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 that’s what we really focused in on and what we realized is to do that, we don’t need a screen.” Current f eatures 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 phone’s volume, music and camera can be controlled through personalized taps and gestures.

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

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Figure 5 Chronos feature: Integrated fitness t racking (Chronos, 2016)

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

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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). 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).

out (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

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'

steps to influence consumer perceptions based offerings (Richards, 2016). on product, price, distribution and promotional elements of the marketing mix (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 market’s 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, Subway’s 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 Subway’s 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). Leslie’s 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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Figure 11 Chronos website screenshot 2 (Wearchronos.com, 2016)

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

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

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

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

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

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

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 Drèze, 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) 22

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 firm’s strength and weaknesses along with the opportunities and threats that exist in the firm’s

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). Apple’s smartwatch price ranges from

$299.00 for their cheapest smartwatch and $17000.00 for their most expensive one 26

(Apple, 2016). Samsung’s 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 27

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 doesn’t 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 it’s 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, 30

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 34

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 we’ve 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 that’s what we really focused in on and what we realized is to do that, we don’t 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.

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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

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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

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