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)
Simulation is one of the most powerful analysis tools available to those responsible for the design and operation of complex processes or systems. In an increasingly competitive world, simulation has become a very powerful tool for the planning, design, and control of systems.