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 hypothetical for English Language Learners. : 1  involving or based on a suggested idea or theory : involving or based on a hypothesis. : 2  not real : imagined as an example.