Basic Munchkin Explination

Dear community,

I hope this all finds you well. We are all setting up a
brand new instance of Marketo and are very excited about it. From a reporting
an analytics perspective, the one thing I am very curious about is Munchkins. For
some background, I am a data-backed scientist, and understand the value of
their deployment. The organization I work in, is hyper-conservative, and will
always error on the side of caution.

Can someone please explain to me, in a non-technical way, what
Munchkins are, how they operate, and the benefit they would bring to the
enterprise.

Thank you and my best,

John