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 model. 1  1 obsolete : a set of plans for a building. 2  2 dialectal British : copy, image. 3  3 : structural design a home on the model of an old farmhouse.  4 : a usually miniature representation of something a plastic model of the human heart; also : a pattern of something to be made.