Apple's senior vice president of worldwide marketing Philip Schiller and Cook unveiled the new products ahead of the launch of the new tablet, which is reported to feature a 7.85-inch screen.
Keeping with Apple tradition, very few details have been officially announced about the Mini - which would represent the Californian company's first move into the cheaper tablet market.
Also rumoured to be announced is a new faster iPad which could include an A6 processor currently used in the iPhone 5 and 4G internet connectivity.
Analysts also expect Apple to announce a revamped iBookstore service, expanded to 32 countries, as it looks to challenge Amazon's dominance of the e-reader market.
The unveiling of a new smaller tablet, expected to retail from £200, represents a major shift in focus for Apple as it looks to grab a slice of the cheaper tablet market in which Google's award-winning Nexus 7 is a hit with consumers.
Apple founder Steve Jobs famously predicted the arrival of smaller tablets would be 'dead on arrival' but former company executive Lars Albright believes it was necessary for them to adapt to market demand.
'Apple sensed early that they had a real winner with the iPad and that has proven to be correct,' he said.
'They have a large market share, and to protect that market share they have got to be innovative.'
A smaller, Wi-Fi only tablet is expected to be revealed running on the generation-old A5 processor chip featured in the iPad 2.
Featuring Apple's iOS 6 software and better Facebook integration, the Mini will be available to consumers with 8GB, 16GB, 32GB or 64GB of memory.
MORE: iPad Mini release date news and rumours
The device is expected to ship on November 2.
Meh, it's a gimmick, shame really cos I like Apple products. But everyone will pay about 200 for the rubbish version that has the memory of a goldfish. Quote of the day though has to be from this story - kenwoodtravel.co.uk/blog/top-5-mini-creations-ipad-mini/ - "still sounds like a Bodyform product" Ha, brilliant!
Leaked iPad Mini Launch Video Blooper Reel!