In June 29th, 2007, the first gen iPhone had been launched by Apple. For the 4GB storage option, it had been priced at $499; on the other hand, those who wanted the 8GB storage option could get it $599. Although, it had been launched that day, however, customers had to wait until 6 in the evening to get their hands on the iPhone.

While the iPhone not only managed t shake up multiple markets, however it was also reinvented multiple times which also included PCs, media players and even smartphone’s. IT was inevitable in terms of the success factor regarding the sale of the iPhone within a few months after it was released. The prices of the 8GB iPhone had to be slashed by the company down to $399; this was an unprecedented move that the company had made. Even in the line‐ up, the 4GB model had to be cut.

Towards the future purchases of those who had paid the launch premium of iPhone, the company had given a $100 credit. Even though the price cut had gone down by 33%, the company still managed to face a few lawsuits with the claims of price discrimination Before the discontinuation of the first gen iPhones, the number of units that had been sold managed to reach around 6.1 million. Now days, in a matter of a few weeks, the same amount of iPhones are sold by the company. The huge profits that the company is seeing today have not been an easy path. There have been minor blips that the iPhones have seen during the time the company was struggling. The company’s revenue today, 2/3 of it is accounted by the iPhone.

We cannot use the term Blockbuster success during the launch of the first iPhone, however considering the customer demands, the company did manage to make the necessary adoptions willingly. This was done pretty quickly and eventually also paved a way for the astronomical success of the company.