Apple Missed the Mark on iPhone Pricing: Patricof

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Sept. 11 (Bloomberg) -- Alan Patriciof, founder and managing director at Greycroft Partners, looks at the value of Apple's lower-price iPhone and market reaction to the announcement. He speaks on Bloomberg Television's "Bloomberg Surveillance."

It is engineering features in all of this, i wanted an upgrade.

It is still a great product.

They still design and make products that work and are reliable.

Everyone is happy with their apple that i know.

But it is on a micro economic basis.

What was interesting in yesterday's announcement is when they talk about how it would be available through the existing phones out there, creating new phones for everyone out there, what is the value proposition for the ios7? do you think that people are bringing in terms of value or features?

Going back to the 5c , i think that that would have had a real spark of making people go in who had not planned to.

I think there was an opportunity for a whole new price point and obviously smarter than i am, they decided to not do that.

A lot of analysts agree with you.

U.b.s. just downgraded shares of apple to neutral.

We are still pulling it up, but the buzz so far is -- is it cheap enough?

It is fascinating.

You have seen this before, miss pricing.

You just had someone on who is an expert at pricing, it is an art.

Interesting.

Alan patricof, giving his wisdom.

I have to admit, i am just doing this for the camera.

And i am doing it for the color.

Coming up, we better look at the new world trade center with the man who designed the original master plan, coming up on "bloomberg surveillance." ?

This text has been automatically generated. It may not be 100% accurate.

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