Well the bottom line is that it's a bit nonsense. If you want to do marketing and you get into both Kellogg and Harvard, you still just simply go to the better school: HBS. However it can make a difference when you are talking about schools of more or less the same level. Say you are deciding between Kellogg and Duke... then sure, why not?

Makes sense dude?
JF

If you're interested in marketing, then you should think about what bschools do to market themselves. And what is, and isn't, valid. To a certain extent, what Jon said is true in that certain brands trump others. However, some schools are known for certain careers and functions. There's some validity to doing that research. But don't put TOO much emphasis on it. At the end of the day, all the top 10 schools are good at marketing - they wouldn't be top programs if they weren't! There's more to choosing programs than JUST what a school is known for too!

Bhavik