New Quiznos Flex Plan to Drive Product Innovation
Quiznos CEO Rolls Out Innovative Business Model to Benefit Consumers, Franchise Owners
DENVER--(BUSINESS WIRE)-- Quiznos, one of the nation's premier quick service restaurant chains and pioneer of the toasted sandwich, today announced Quiznos' Flex Plan, a pipeline for new product innovation that adjusts based on economic shifts. Quiznos founder and CEO, Rick Schaden, rolled out the Flex Plan system-wide as part of the company's annual meeting in St. Louis, MO.
A tiered product development strategy, Quiznos' Flex Plan allows for simultaneous 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. The key is to provide the right food at the right time for the right price," said Schaden. "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 at Quiznos, including the $4 Toasty Torpedo and the $3 Toasty Bullet. The 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."
Depending on the state of the economy and consumer spending, Quiznos is prepared to immediately introduce a product tailored to current consumer needs and specifically engineered to protect margins for franchise owner profitability.
The plan also incorporates a strategy for seamless product rollout – from product development and operations to vendor relations and marketing.
"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. "At the heart of it all is the quality, chef-inspired food Quiznos is known for. 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.
Celebrating its 28th anniversary, Denver-based Quiznos is a national chain designed for today's busy consumers who are looking for a tasty, freshly prepared alternative to traditional fast food restaurants. Using only premium quality ingredients, Quiznos restaurants offer creative, chef-inspired recipes for sandwiches, soups and salads. With more than 4,500 franchise restaurants, Quiznos is one of the fastest growing quick service restaurant chains.
In October 2007, Quiznos was recognized for leading the QSR industry in wait time performance by the Mystery Shopping Providers Association's (MSPA) 2007 Wait Time Study. In May 2007, Zagat's consumer surveys listed Quiznos in the top 5 for Top Food, Top Facilities, Top Service and Top Overall, ahead of its direct competitors. In June 2006, Nation's Restaurant News ranked Quiznos in its Top 100 Restaurant Chains as the #1 restaurant chain in growth in number of units--five years in a row. Entrepreneur magazine in January, 2006 ranked Quiznos in its annual Top Franchise 500 as the #2 Best Overall Franchise and QSR magazine ranked the chain in its Top 50 Chains in August, 2005 as #3 by change in system-wide sales.
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