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. simulation - (computer science) the technique of representing the real world by a computer program; a simulation should imitate the internal processes and not merely the results of the thing being simulated. computer simulation. technique-a practical method or art applied to some particular task.