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)
2. verb. If you simulate an object, a substance, or a noise, you produce something that looks or sounds like it. The wood had been painted to simulate stone. Smoke was used to simulate steam coming from a smashed radiator. Cadets are having to use football rattles to simulate gunfire because blank ammunition is too costly.