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)
Simulation is used when conducting experiments on a real system would be impossible or impractical: for example, because of the high cost of prototyping and testing, or because the fragility of the system will not support extensive tests, or because of the duration of the experiment in real time is impractical.