Quiznos rolls out Flex Plan for product development
August 13, 2009
by FoodBusinessNews.net Staff
ST. LOUIS — Quiznos introduced its Flex Plan, a product development strategy that quickly responds to changing economic conditions. Rick Schaden, chief executive officer of the fast-casual chain, announced the program during the company’s annual meeting Aug. 10.
A tiered product development strategy, Quiznos’ Flex Plan allows for the development of many different products, varying based on price point and balancing consumer taste with product cost. The plan is a guide for future product innovation at Quiznos, allowing the company to respond proactively to consumer feedback.
"Food is a staple," Mr. Schaden said. "The key is to provide the right food at the right time for the right price. That’s why we spend a lot of time talking to our customers. Quiznos’ Flex Plan allows us to immediately implement customer feedback and anticipate trends to benefit both our customers and our franchise owners."
Quiznos’ Flex Plan led to two recent product introductions at Quiznos, including the $4 Toasty Torpedo and the $3 Toasty Bullet. The products, designed to appeal to consumers seeking value and tastes while still protecting franchise owners’ margins, accounted for more than 20% 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," Mr. Schaden said. "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."