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)
what is simulation? Computer simulation is the discipline of designing a model of an actual or theoretical physical system, executing the model on a digital computer, and analyzing the execution output. Simulation embodies the principle of ``learning by doing'' --- to learn about the system we must first build a model of some sort and then operate the model.