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 is the most basic element of the scientific method. Everything done in science is done with models. A model is any simplification, substitute or stand-in for what you are actually studying or trying to predict. Models are used because they are convenient substitutes, the way that a recipe is a convenient aid in cooking.