The media priority matrix helps determine the best type of media to use based on the brand’s user experience and the level of risk associated with the purchase.
If you’re selling a mediocre product in a dull category, you’ll need to use paid media to get people to even notice you. If your product is unexceptional but people are interested in the category, make sure your owned media is top notch and use PR to make your brand exciting. Brands that deliver something special should make it easy for people to 'taste’ the experience and leverage the earned media generated. But even a great experience doesn’t guarantee success in a low interest category - some paid media will also be needed.
This short video explains the concept in more detail.