Apple weighs in on the idea of a cheap iPhone, and it isn't pretty

Apple fans hoping that their beloved firm will release a budget smartphone should stick to second hand bargains on eBay after the stylish company admitted it has no intention of chasing the low end of the market.

Read more: Could a budget iPhone mini help Apple regain smartphone supremacy?

Product marketing executive Greg Joswiak admitted that the past mistakes made by the company in the 1990s when it attempted to make cheaper products means that it will only operate at the very top level of every sector it is in.

"We were talking about some of the mistakes Apple made in the '90s, and some of it was trying to do things like making cheap products that were chasing market share instead of chasing a better experience. You make that mistake once in your life, you're not going to make it twice,” Joswiak told the Code/Mobile conference, according to re/code.

Apple was heavily rumoured to be working on a cheaper iPhone prior to the release of the 5c and 5s with the former coming in at a more affordable price point that was still out of the reach of the budget market. The firm is still committed to making the very best products and if that comes at a price, it will need to see a drop in satisfaction before it makes any changes.

“Our goal is to make the best products with the best experience. And we’re trying to make sure that we are delivering on that, and by and large we do. Our customer satisfaction rate is higher than anybody’s. We have no shortage of either developers or customers … maybe it is naïve, but we [believe] that if we make a better product and a better experience, that there will always be a healthy market for that. And a healthy market doesn’t mean we have to be market-share leader,” Joswiak added.

Read more: Profit vs market share: Will Apple deliver a budget iPhone?

That last statement could be a sly dig at Samsung’s big lead in market share over Apple and that it won't change things to challenge this. What Joswiak’s comments mean for Apple in emerging markets remains to be seen but as we have seen in China there is always a market for Apple’s smartphones in new places, no matter what the price.