Class EXERCISE Case Study One An Electronic Fish Market Re$-$engineers Fishing Industry. Mr$.$ Bob owner of small fishing company combined fishing and html creating one of the most interesting electronic enterprise. In an attempt to fight stiff competition from rivals, Mr$.$ Bob whose company was on verge of bankruptcy, tried to find niche markets. In exploring market for sea$-$snails, he realize that he lacked knowledge, while searching for knowledge he was introduced to web as solution for this problem. In appreciation of power of Internet he taught himself html and launched a website called Fishmart. $($www$.$fishmart.com$).$ This sites provides considerable information for fishermen. For example it help sellers, identify buyers with troubled credit history. List sources of loans for commercial fishermen, provides link to all related government agencies, provides weather reports and reports fish prices in all major markets $-$ All for Free. The site makes money from classified ads for fishing related products and services including help $-$ wanted ads. The second source of income is companies public market which rents space on website to sea food retailers who offer their products there. In $1997$ actual trading was competed via telephone, so site was basically used for advertisement. This situation changed in $1998$ and now customers can order and pay electronically, another feature is Auction Market that available on website. The Auction Market can profoundly changed the sea$-$food industry operates. Here, is how auction worked : Seller of any fish product can place their product up for bid on Fishmart for any of Marketing Channels. Fishmart inspect the quality to ensure compliance. Buyers open trading accounts with Fishmart. Any approved buyer can bid on price and quantity via E$-$mail. $[4170]-4812$ Contd. Once bid is accepted payments are arranged and shipments are executed. Payments can be made via special accounts maintained by special financial service company. Buyer deposit funds in an interest paying account and using a password, can authorize electronic transfer of funds to seller. In past seller use $100\text{'}$s of sales people to call on potential buyers. Commissions supplemented many of sales people salary. Now sellers use website and pay a commission only when sale is made. Bob's company's, Innovative Internet Marketing System is both B$2$C and B$2$B oriented. Questions How can the Internet help the Fishing Companies compete in the International Market $?$