While the Apple brand is the epitome of cutting-edge technology, it is also synonymous with rumors.

The latest rumor to surface in the tech community is that the company is soon coming out with an iPad Mini.

The concept for the smaller iPad model is one that founder Steve Jobs knocked publicly a year before he died.

The Apple co-founder made a rare appearance on an October 2010 earnings conference call to launch a tirade against the 7-inch tablet Samsung Electronics Inc. was set to launch as the first major challenger to the iPad.

The reason we wouldn't make a 7-inch tablet isn't because we don't want to hit a price point, it's because we don't think you can make a great tablet with a 7-inch screen, Jobs said. The 7-inch tablets are tweeners, too big to compete with a smartphone and too small to compete with an iPad.

As Apple and its suppliers have not had anything to say about the iPad mini rumors, there have been media reports from South Korea, China and Taiwan that Apple has ordered Samsung screens that are 7.86 inches measured on the diagonal, according to The Associated Press.

The measurements would make for a screen about half the size of the current iPad, which has a diagonal measurement of 9.7 inches.

But since the company has been mum on the subject, techies can't help but wonder why making a smaller version of one of Apple's best-selling products is such a good idea.

With competitors like the Samsung tablet and the Kindle Fire, an iPad Mini, which would presumably cost much less than its bigger brother, would help Apple further its lead in the tablet market.

From a competitive standpoint, we believe an iPad mini with a lower price point would be the competition's worst nightmare, Shaw Wu, an analyst at Sterne Agee, told AP. Most (competitors) already have a tough enough time competing against the iPad 2, as well as the new iPad.

And while competition is scarce when speaking about the Apple brand, the manufacturer has successfully fended off competitors who have tried to sell tablets that bear a striking resemblance to the iPad's size and function -- except for one.

Last year, Amazon.com Inc. released the Kindle Fire. The tablet, which is half the size of an iPad, sells for $199, while Apple sells the iPod Touch for $199, but its screen is about a quarter of the size of the Kindle Fire.

The latter part poses a problem for iPod Touch users who want to enjoy books, movies and games.

As price is one of the biggest factors when considering the sale of the product, it's not the only one. Customers might just prefer a 7-inch model because it would fit in many handbags, unlike the current iPad.

According to AP, Wu says he's seen evidence of Apple experimenting with both smaller and larger tablet screens since 2009, but at this point, doesn't sense that the release of an iPad mini is imminent.