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DENVER -- In an effort to speed up delivery of new items and promotions, Quiznos is introducing to franchisees a new strategy it has dubbed the "Flex Plan."
The new development strategy calls for simultaneous development of many products at a variety of price points and production costs, which Quiznos founder and CEO Rick Schaden said will allow the fast feeder to respond more quickly to consumer feedback.
"Food is a staple. The key is to provide the right food at the right time for the right price," Schaden said in a statement. "That’s why we spend a lot of time talking to our customers. Quiznos’ Flex Plan allows us to … anticipate trends to benefit both our customers and our franchise owners."
Quiznos’ Flex Plan charted the course for two recent product introductions at Quiznos, including the $4 Toasty Torpedo and the $3 Toasty Bullet. These products, designed to appeal to consumers’ wallets and tastes while still protecting franchise owners’ margins, accounted for more than 20 percent of Quiznos’ product mix following their launch.
In a more robust economy, the plan provides for innovation of more indulgent products, such as Quiznos’ premium, double-meat sandwiches.
"This economy presents unique challenges, particularly as consumer confidence ebbs and flows," said Schaden. "We knew there was a better way to address the changes that came with this economy. By preparing for eventualities, we’re taking the guesswork and delay out of product innovation and allowing for an immediate response to customer feedback. It’s better for our customers and it's better for our franchise owners."
The plan incorporates a strategy for seamless product rollout, from product development and operations to vendor relations and marketing, the company said.
"A solid plan for product innovation puts our entire organization on the same page and allows the whole process to function more seamlessly," said Schaden. "We know if we continue to focus on delivering Quiznos quality and proactively addressing consumer needs, we will continue to be successful."
Schaden is focusing Quiznos’ 2009 business plan around maximizing profitability for franchise owners and enhancing customers’ in-store experience through new products, quicker service and improved operations.
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