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)
When you consider the broadest definition of medical simulation being âan imitation of some real thing, state of affairs, or processâ [1], the historical roots of simulation for the practice of skills, problem solving, and judgment are evident.