I don't know. Not a lot of people are flocking to the iPhone 5c where I live, and I don't think a price cut with less storage will be the answer, but Apple will learn from this. I doubt they will try to make an iPhone 6c in the future and I think they will use what happened to the 5c to help lead them in the direction they should go.
Nobody really goes to Apple so they can have a cheap phone, but rather for the iOS ecosystem and experience, Apple customer service, syncing across all Apple products, updates for many years to come with little fragmentation, fantastic app selection and designs, and the simplicity of iOS.
In other words, Apple should not try to compete with Android because Android is going after a completely different type of market. Android goes after those who want open source software, dynamic customizability, up-to-date specs, and different flavors of Android. That said, Android is also aiming for those who want a very good smartphone with a LOT of very good, clean looking apps, but without the price of an iPhone.
I think the iPhone 5c will show Apple that they should focus on what makes them good and what helped bring them back to where they are today rather than what makes the Android system good and try to mimick them.