Apple's tried to make a slightly cheaper iPhone, but it wasn't cheap enough and ultimately failed miserably. Does that mean we'll see an even cheaper model in the future? Not according to Apple marketing executive Greg "Joz" Joswiak, who says the Cupertino company will never make a low-cost smartphone.

Speaking with Walt Mossberg at Re/code's Code/Mobile conference this week about pricing and market share, Joswiak said that Apple has no interest in producing cheap devices to compete with budget Android-powered handsets from rival manufacturers like Samsung.

Joz pointed out that some of the mistakes Apple make back in the '90s were the result of "trying to do things like making cheap products that were chasing market share" — rather than simply building a better experience. "You make that mistake once in your life, you're not going to make it twice," he added.

"Our goal is to make the best products with the best experience," Joz said. "And we're trying to make sure that we are delivering on that, and by and large we do."

Joz was keen to note that Apple's customer satisfaction rate is higher than any other company's, and that it has no shortage of customers or developers. He also pointed out that Apple doesn't need to be market leader to be successful.

"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," he said.

Apple's products are often criticized for their price tags, and yet they continue to sell in their millions each and every year. The company may not offer a budget iPhone, but when it sells 10 million flagship iPhones in just three days, beating previous sales records, it simply doesn't need one.