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)
1. imitation or enactment, as of conditions anticipated. 2. the act or process of pretending; feigning. 3. an assumption or imitation of a particular appearance or form; counterfeit. 4. the representation of the behavior or characteristics of one system through the use of another system, esp. using a computer.