• by Karlene Lukovitz  @KLmarketdaily, January 14, 2009

Quiznos has unveiled a new, lower-priced menu, including 20 subs priced under $5, backed by a national TV ad campaign.

Subway's popular $5, foot-long subs turned up the heat on the pricing front. Just last week, Togo's launched a limited-run promotion featuring one 6-inch sub selection per day at a special $3.99 price.

The new Quiznos menu includes price reductions spanning more than 37 of the chain's most popular sandwiches and other items.

The campaign, which will air nationally for several weeks, drives home the point that the same quality sandwiches for which the chain is known can now be purchased at lower prices. The ads feature three chefs interviewing customers in a live "man on the street" format, and show real reactions from consumers when told that the sandwiches they are eating can be purchased at Quiznos for under $5.

Quiznos is also introducing new menu boards designed to highlight the "improved price/quality value equation." The boards are divided into four categories: signature, premium, everyday value and flatbread salads. Each category offers a single price point for each size, and a simple option to create a cost-effective combo meal.

"The redesigned menu and lower prices tested extremely well for us, which gave us the confidence to create a new public dialogue for Quiznos that would allow us to compete on our terms--meaning quality--while still offering a price benefit to consumers seeking a premium product," says Rebecca Steinfort, EVP/marketing for the QSR.