Apple is planning to hold a huge iPhone event this week in order to boost sales of its iPhone 5. On May 8, Apple will begin to contact upgrade-eligible iPhone users with older models of the phone to come into the store to update to the iPhone 5s or 5c.

It's unclear what the company intends to accomplish with this big event, but it's likely that prices on the 5s and 5c will be greatly reduced. In addition to the prices being reduced on the newest iPhones, Apple is offering increased buyback values on customers' old devices.

The event will be held at Apple stores across the United States and the company expects traffic similar to what they would see when a new product is introduced. Apple is also purportedly preparing other marketing and sales initiatives to boost more sales of the iPhone.

Apple CEO Tim Cook stated last year that he wanted more customers buying iPhones from Apple retail stores instead of elsewhere.

Most iPhones aren't purchased at Apple retail stores and Cook believes that Apple is missing out on exposing customers to all the other products that Apple offers.

Last month, Apple reported record sales of the iPhone for quarter 2 of 2014 and even though there is likely a new iPhone coming this fall, the company wants to continue selling the 5s and 5c.

With the recent iPhone promotion and more planned for the future, Apple is demonstrating that the company considers the iPhone the flagship product and plans to use it to get customers to stay loyal to the company.

Apple's stock price hit a 52-week high Tuesday and just recently the company announced a 7-to-1 stock split.

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