Branding Michelle

Short term memory stores a small amount of information for a short period of time (approximately 15-45 seconds). Long-term memory stores an apparently unlimited amount of information indefinitely. The information held in short-term memory is usually recently handled sensory input; items recently retrieved from long-term memory; or the result of recent mental processing, although that is more generally related to the concept of working memory.
Short-term memory is a temporary potentiation of neural connections that can become long-term memory through the process of rehearsal and meaningful association.

Coon, D. (2004) Introduction to Psychology: Gateways to Mind and Behavior Tenth Edition

Short term memory plays a significant role in the decision process because this is where you process your sensual information. This is where design, smell, feel, taste, among other factors come into play. This is the part of the brain that will determine what box the consumer picks up because it is designed well, or because it is shaped ergonomically and fits well in the hand.
Long term memory is also important for this is when the consumer usually makes a decision about whether or not to try a new product or not. They weigh the pros and cons of trying a new product when they know one already works just the same. They take all of their learned experiences into account and based on that strategize about which product would fit their needs best.

The mind is a fascinating gadget.