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)
A simulacrum ( plural : simulacra from Latin : simulacrum , which means likeness, similarity) is a representation or imitation of a person or thing. The word was first recorded in the English language in the late 16th century, used to describe a representation, such as a statue or a painting, especially of a god.