Some businesses don't have an email tool yet — or they have one and they hate it. They want one team, one bill, one place to log in. We send from our own stack and that's Studio.
Other businesses have years of audience history inside Klaviyo or Mailchimp. Their flows, their segments, their data. Moving would be a six-month project nobody wants. So we don't move them. We log in to their tool, we do the work there, and the bill they already pay stays where it is. That's Managed.
The product is the same in both lanes. Only the sending account changes hands.