As you may have heard, Apple dropped the price of the iPhone by $200. This move wasn't appreciated by the Apple loyalist who purchases the phone at full price ($600). Apple's stock dropped by a few bucks, as some investors wondered if the price drop was an indicator of weak sales. We had an extensive discussion about in class yesterday. Charles Hall, a professor at VCU Adcenter, was quoted as saying that the $200 was a cool tax for getting the iPone 70+ days before the price drop. Within 24 hours, Apple offered a $100 store credit to everyone who bought the phone at full price. Within 48 hours they announced the number of units that they have sold thus far to alleviate investors. When a "crisis" happens, brands must react fast and fair. Apple did just that. It's going to hurt a little, but they'll be alright. One million units have been sold to date. Most of these buyers paid the cool tax.