Well, a very basic solution with hardcoded application name that requires the application to be in the current working directory (which explorer sets to the directory of the script) would be like this:
launch1.cmd
The premium version with hardcoded default application name and optional specified as command line parameter and the possibility to launch with a random working directory (but the application must be in the same directory of the script) would be like this:
launch2.cmd
@echo off
set APPLICATION=prog1.exe
set BASEDIR=%~dp0
if not "x%1" == "x" set APPLICATION=%1
"%BASEDIR%%APPLICATION%"
pause