Quiznos CEO Rick Schaden has announced the Quiznos' Flex Plan business model, a pipeline for new product innovation that adjusts based on economic shifts. The Flex Plan was rolled out systemwide by Schaden at the company's annual meeting in St. Louis.
The Quiznos' Flex Plan is a tiered product development strategy that allows for the simultaneous development of different products based on price point. The plan is a guide for future product innovation at Quiznos, allowing the company to respond proactively 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 news release. "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 charted the course for two recent product introductions, the $4 Toasty Torpedo and the $3 Toasty Bullet. The products 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," 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."
The plan also incorporates a strategy for seamless product rollout — from product development and operations to vendor relations and marketing.
