Rumors of a low-cost iPhone have been flying around of late, and at least one man seems to think it'd be a good idea — John Sculley, who was Apple CEO for a ten-year span in the 1980s and 90s. In an interview with Bloomberg, Sculley said that Apple "needs to adapt to a very different world" in which emerging markets are increasingly important to growth.

"As we go from $500 smartphones to even as low, for some companies, as $100 for a smartphone, you've got to dramatically rethink the supply chain and how you can make these products and do it profitably."

Sculley went on to call Samsung an "extraordinarily good competitor," saying that "the differentiation between a Samsung Galaxy and an iPhone 5 is not as great as we used to see."

The issues may well be weighing on current CEO Tim Cook's mind, but he could be forgiven for not taking advice from Sculley in particular. After all, while the former CEO did preside over a large period of growth for Apple, he forced Steve Jobs out in 1985 before ultimately being ousted in 1993 after a dip in fortunes for the company.