The medal is not a
Kriegsverdienstkreuz or KVK, but actually a 1914/18
Ehrenkreuz für Frontkämpfer.
The fob is a corps student item.
M. König, F. Schwarz, W. Dobbelmann and H. Heerlein were fellow corps students of the fob's original owner B. Peschmann. "
z. frd. Erg." and "
S.S." are common abbreviations on student items; they stand for, respectively, "
zur freundlichen Erinnerung" [= "as a friendly memory"] and "
Sommersemester" [= "summer semester"]; in this case, the summer semester of 1913. The colors of the ribbon and the cypher next to the names identify the specific corps in question.
The cross does not belong on the fob; they were surely joined at some later date.
For a little more info, have a look at this thread:
Mystery Watch Fob-SS?
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