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A List, in Enterprise terminology, is a specific communication type to which Members can subscribe and from which they can unsubscribe.

If you send only a single type of message content to your subscribers--a newsletter, for instance--then you will need only one List. If, on the other hand, you plan to send different types of content--newsletters, offers, and announcements, for example--and if your Members should be able to choose which types of content they receive, then you should create multiple Lists.