Leslie, are you perhaps using a CRM system in conjunction with Marketo?
I just looked and I don't have a 'Prospect Status' field available which leads me to believe it's a custom CRM field. If that's the case it might be worth asking someone in your company who created the field.
Ok, that makes sense. We actively use 'Prospect Status' for what other fields key off of. Should we turn 'Lead Status' off? Do you use 'Lead Status' in any way that is different than 'Prospect Status'?
There's no real need to alter the 'Lead Status' field if it's not causing you any issues.
We use Lead Status in the same way you use Prospect Status, but at end end of the day they are just two different naming techniques. The only difference is that someone created it as a custom field in your company's Salesforce instance, where Lead Status is a standard field that comes with Salesforce (if I'm not mistaken).
Personally, we don't use the Prospect Status field, just the Lead Status. I do see how it could be useful to break the two up if you don't want/care for your sales reps to see what stage a prospect is in.. we just don't have a need for that.
On a similar note. What's the difference between "Revenue Stage" and "Lead Status"?
I just inheritated Marketo and am trying to clean up unnecesary fields. If the best use for "Lead Status" is the buying stage, should I just use revenue stage? Is anyone of you using both? If so, do you apply different values/options to each?