Apple’s playing it smart here:
1. They are keeping an introductory iPhone for those on budget, and for developing countries like India.
2. Production costs are being kept down two-fold with smaller/older components, and through the use of plastics.
The point of Apple’s iPhone 6c is to get an iPhone in the hands of people so they’ll be glued to Apple products. And a lower entey price makes it feasible for more people to afford and iPhone.
Apple has phenomenal repeat business, and they know that they just need to get one iPhone purchase to have a customer for life.
Photo credit: http://www.nowhereelse.fr/iphone-6c-photo-coque-106033/