As a result of the new possibilities offered by Internet managers are increasing options provided by the new technologies in strategic planning. The virtual community has become one of the more interesting options. The general aim of this article is to explain the concept of virtual community, paying special attention to the most important strategies and management suggestions. Firstly, we will analyze the concept of community from a sociological viewpoint. We then define a virtual community and what causes an individual to belong to one. Secondly, we will show the main strategic implications of the development of virtual communities. Next we will detail a series of recommendations for the proper management of virtual communities. The two final sections present the future trends of research and the main conclusions of the article.