The document summarizes the multi-store model of memory, which describes memory as involving three main stages - sensory memory, short-term memory, and long-term memory. It explains that sensory memory briefly stores raw sensory information. Important information is then passed to short-term memory where it is processed and compared to existing long-term memories. For information to be stored long-term, it must be rehearsed in short-term memory through techniques like repetition and association to strengthen memories through encoding. The capacity of long-term memory is believed to be unlimited and memories may be retained for life.