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. computer simulation (or sim) is an attempt to model a real-life or hypothetical situation on a computer so that it can be studied to see how the system works. By changing variables in the simulation, predictions may be made about the behaviour of the system.