The value premium that a company realizes from a product with a recognizable name as compared to its generic equivalent. Companies can create brand equity for their products by making them memorable, easily recognizable and superior in quality and reliability.
Definition of simulate. simulated. ; simulating. transitive verb. 1 : to give or assume the appearance or effect of often with the intent to deceive : imitate. 2 : to make a simulation of (as a physical system)
The model represents the system itself, whereas the simulation represents the operation of the system over time. Simulation is used in many contexts, such as simulation of technology for performance optimization, safety engineering, testing, training, education, and video games.imulation is also used with scientific modelling of natural systems or human systems to gain insight into their functioning. Simulation can be used to show the eventual real effects of alternative conditions and courses of action.