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)
In its broadest sense, simulation is imitation. We've used it for thousands of years to train, explain and entertain. Thanks to the computer age, we're really getting good at using simulation for all three. Simulations (and models, too) are abstractions of reality.