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)
Definition of imitation. 1  1 : an act or instance of imitating. 2  2 : something produced as a copy : counterfeit. 3  3 : a literary work designed to reproduce the style of another author.  4 : the repetition by one voice of a melody, phrase, or motive stated earlier in the composition by a different voice.