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For its big event, Apple (AAPL) - Get Apple Inc. Report  is thinking small.

In Cupertino, Calif., on Monday, Apple introduced products that include a 4-inch iPhone, known as iPhone SE. The phone is available for preorder starting Thursday and hits stores on March 31.

Starting at $399 for 16GB, Apple said the device is the most powerful phone with a four-inch display. "It's clear Apple is trying to get everything it can and then some from the iPhone franchise," said TheStreet's technology editor Chris Ciaccia. "The iPhone SE is an example of going back to a size people want, while also appealing to emerging markets with a lower price."

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Apple also introduced a smaller 9.7-inch iPad Pro, which starts at $599 for a 32GB device. This is in addition to its 12.9-inch iPad Pro, which sells for $1,099. The iPad Pro includes four speakers and a 12-megapixel iSight camera.

In addition, Siri, the voice activation feature on the iPhone, is coming to Apple TV, making it easier to search for movies and television shows. Finally, Apple reduced the price of its Apple Watch to $299 from $349. No new version of the watch was unveiled.