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)
Modeling and simulation (M&S) refers to using models â physical, mathematical, or otherwise logical representation of a system, entity, phenomenon, or process â as a basis for simulations â methods for implementing a model (either statically or) over time â to develop data as a basis for managerial or technical decision making.