Do I need to do any setup?

Yes. There are several settings available, and you will want to make sure that you use some professional support to prepare the instance. If you are integrating it with your CRM, there are additional steps required. These are well defined and require a few custom fields, but it is not too complicated. The initial settings are setup as a step by step guide in the documentation. (See docs for details https://docs.marketo.com/display/public/DOCS/Setup+Steps)