Posted in Marketing and Strategy Terms, Total Reads: 904
Definition: Simulation Modelling
Simulation Modelling helps to operate the model in different ways. Usually the model is operated in a single way for what it is formed but with the help of simulation various experiments can be performed to reconfigure the model according to the changes in the industry.
For example: The simulation model, MarkStrat helps you act virtually like a real market in which different factors including products, production, expenses, sales force etc. can be altered for the company according to the changes in the industry and the results from this simulation model can be used to interpret the results in the real world in the industry.