Launchers are moves which launch the opponent in the air (go figure) and initiate an instant switch between your characters. They're commonly executed by chains between Medium and Heavy punches/kicks. Personally, I did this in local versus against a second controller however you could do the same against an AI if you prefer. Personally, my team was Yoshimitsu and Raven. All I would do is press Medium Punch, Heavy Punch and another Heavy Punch. Repeating this back and forth between the characters, you should net yourself approximately 5-6 launchers per round.
If you set your own health to 25% handicap, you can initiate Pandora towards your last launcher and earn progress towards your Pandora victories and Pandora's Initiated. Personally, I did this when my opponent was down to one more launch required before being K,O'd.