Apple CEO Tim Cook has admitted for the first time that the company isn’t losing any sleep over lagging behind in the cheaper end of the smartphone market.
In an interview with Business Week, Cook explained that the “junk” sector of the marketplace is not somewhere Apple is interested in doing business with the Cupertino-based firm placing itself very much in the upper echelons.
“There’s always a large junk part of the market,” he stated. “We’re not in the junk business.”
He continued: “There’s a segment of the market that really wants a product that does a lot for them, and I want to compete like crazy for those customers. I’m not going to lose sleep over that other market, because it’s just not who we are. Fortunately, both of these markets are so big, and there’s so many people that care and want a great experience from their phone or their tablet, that Apple can have a really good business.”
Cook added that the division of markets happens with all consumer electronics and that he couldn’t think of a “single consumer electronics market it doesn’t happen in”.
Cook’s comments come in the wake of Apple unveiling two new devices with one of them, the iPhone 5C, looked upon by many as being geared towards cheaper, emerging markets. When the price tag was eventually revealed many baulked at it being too expensive with Chinese analysts in particular sceptical of the new smartphone.
It was rumoured for some time that the iPhone 5C was to be Apple’s first smartphone targeted at the mid-range market and instead it’s simply a cheaper version of top of the range smartphone, the iPhone 5S. The latter comes in three different colours with an upgraded 64-bit chip and fingerprint scanner.