In short, each sticker of edges and each sticker of corners are assigned a letter, these are used when memorising the cube. You setup pieces into a certain spot on the cube, do the swapping alg(t or J perm for edges, modified Y perm for corners) and then undo the setups. Doing this you will solve one piece at a time, swapping pieces until all pieces are in their correct spots, and the cube is solved.
Memorizing: preferably memorize in letter pairs. Meaning that when you memorize, you group two letters together and for a word/ object out of it. So using Cubinwitdapizza's example: AB TF JI U - I would have Alec Benjamin eating a ToFfee on a JIgsaw puzzle
. So when you have an uneven amount of letters for corners and edges, like in this example U , it is called parity and an algorithm will be done to fix the edges and corners that have been offset by the Y, and T perms.