Emerging markets with an appetite for low-cost smartphones have great potential and Lenovo is looking to make it where Apple has failed.

Everyone knows that Apple products are not exactly cheap, but the company was widely expected to launch its iPhone 5C as a low-cost version of its iconic smartphone, designed to lure budget-conscious shoppers from emerging markets. When the day came and Apple officially unveiled its iPhone 5C, reality certainly did not match expectations.

The iPhone 5C does have a cheaper plastic casing and slightly older hardware to accommodate a lower price tag, but it's nowhere near the cheap zip code. It's basically yet another high-end phone that's just slightly less expensive.

Chinese company Lenovo now aims to make it where Apple has failed, delivering low-cost smartphones to consumers in emerging markets where the iPhone is not exactly top-priority.

Speaking with Bloomberg, Lenovo CEO Yang Yuanqing said that his company plans to serve markets where "the iPhone is probably not the best-selling product" because it's considered too expensive.

"Chinese manufacturer Lenovo, which has been the only company to actually thrive during the great PC sales collapse of 2013, now sees an opportunity to deliver to consumers in emerging markets and is planning to target consumers whom Apple has failed to reach with the iPhone 5c," BGR further notes.

If this proves to be accurate, Lenovo will likely start looking beyond the highly-competitive Chinese markets and expand into territories with more mellow competition such as Africa, Latin America, and the Middle East.

Emerging markets have been a hot target for several years and there are plenty of companies that tried to leave a significant footprint, including heavyweights such as Samsung, BlackBerry and Huawei.

What makes Lenovo stand out from the crowd, however, is its brand recognition. The company may not have a strong presence on the smartphone market, but its brand is famous worldwide and many associate it with quality. Lenovo sold PCs even in a slumping overall market, which further bolsters the company's image.

"We have seen the first wave of success in Asian countries," highlighted Yuanqing. "We provide affordable products for emerging markets. That's very important."

It makes sense. Consumers in emerging markets may dream of owning an iPhone or some other top-notch smartphone, but affordability is something else. Budget-friendly devices have a far better chance of becoming successful in such markets, and Lenovo seems confident that it can offer something Apple couldn't. It remains to be seen, however, if it will make it or not.