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The virtual community represents one of the most interesting developments of the information age. There has been much popular discussion of the economic potential of virtual communities, but little empirical evidence of successful economic leverage. Beginning with some background on virtual communities, this article reviews theoretical perspectives applicable to their management and economic leverage, presents an appropriate conceptual framework to support such leverage, and concludes with some managerial guidelines for successful implementation. The article's primary thesis is that economic activities associated with the virtual community must not merely concide with its social interactions, but be embedded within them.