October marked the date for the coveted iPhone 5 release which as usual, caused a frenzied stir among loyal fans world wide waiting long lines to acquire the new phone. This phenomenon is no surprise however, because this has been happening for years as Apple has dominated the technology sector with new innovative ideas led by the late Steve Jobs. The one thing that captivates economists and investors alike is the fact that Apple has the power to attain extremely loyal customers that are willing to buy the new products when they are released even though they are almost the same in terms of features and functionality.

From the Apple Inc Website here are some new specs:

“It’s hard to believe a phone so thin could offer so many features: a larger display, a faster chip, the latest wireless technology, an 8MP iSight camera and more. All in a beautiful aluminum body designed and made with an unprecedented level of precision. iPhone 5 measures a mere 7.6 millimetres thin and weighs just 112 grams. That’s 18 percent thinner and 20 percent lighter than iPhone 4S. The only way to achieve a design like this is by relentlessly considering (and reconsidering) every single detail — including the details you don’t see.”

Even with a small moderate amount of reinvention, Apple already sold millions of these new phones and it is truly astounding how Apple’s marketing and brand association is so key to their success.