So marketo then definitely does not have ability to make a vanity url right? we will have to use bitly or other link shortening service if needed? thanks, Noopur
Right. But as I mentioned above, a shortened link is not going to appear in the final rendered email, since links are rewritten to go to Marketo's tracking server. Thus only reason to use a shortener is for additional analytics, not for vanity. And you also must make sure that the URL shortening service will forward query parameters. Otherwise the critical mkt_tok will be stripped off, which means you will lose the associated lead.
You really need to be aware of all parts of the tracking ecosystem before adding additional link redirection, or you will cause much more harm than good.