Hi, great question Liz!
A key way to distinguish the two is that
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Unsubscribed means the Lead has chosen to opt out and not receive communications from your company
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Marketing Suspended is a SmartList you control and place/remove Leads as desired
Each Smartlist is controlled by its own field in the Lead Database, and is set to True or False for each Lead. So if one of your leads unsubscribes from Marketo or is noted as opted out in your CRM, this value will be set to Unsubscribed = True.
Cheers,
Marketo U