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- When we pay attention to things they pop into our Short-Term Memory (STM, or “working memory”). This can hold 7 +/-2 things for 10-30 seconds. It is our ‘bubble of awareness’ that we live in
- Things can be encoded from our STM into our Long-Term Memory (LTM) which can store an infinite amount of information for our whole life
- Brand equity is a) stored in our LTM, and b) worth sometimes enormous amounts of money to firms
- Marketing communications needs to get us to store information in our STM, and then encode it into LTM. If we are going to use that information then we also have to ‘recall’ it at a later time out of our LTM and back into our STM.
- Forgetting is when that information is faded, or we just can’t find it.
- We tend to underestimate how much things will cost, and how long it will take us to do things because our STM is limited (and also the availability heuristic means we tend to imagine that the things that don’t come easily to mind must be things that are less important)
- There are other types of memory too, that are stored in separate brain systems, and also other kinds of learning too.
- The most important other type of learning (for marketers) is probably learning from experiences. Psycholgists describe this as happening by ‘classical conditioning’ when we learn that one stimulus (like a brand) is announcing to us that some reward or punishment is coming (or going away). This can make us like or dislike things