Corporate name, founding date, founding leaders
Banfield Pet Hospital was founded in Portland, Oregon in 1955 by Warren J. Wegert (Banfield Pet Hospital, 2013).
The start of Banfield Pet Hospital
The hospital was founded with a vision to provide high quality veterinary medicine. In 1987, Scott Campbell purchased Banfield with $2 million in revenues already invested (Banfield Pet Hospital, 2013). In 1994, the pet store chain PetSmart, teamed up with MMI to open the Banfield Pet Hospital within their stores. By 1996, the private company had grown to 150 locations in 18 states, treating over 600,000 pets (Banfield Pet Hospital, 2013). The Banfield Pet Hospital continued to grow operating more than 800 locations throughout the United States, Mexico, and the United Kingdom. Currently, Banfield is known as one of the largest privately owned veterinary practices in the United States.
Banfield Pet Hospitals Features
Banfield Pet Hospital has veterinarians and technicians that are skilled at treating a variety of pet health concerns. The hospital provides services from preventive pet health care to veterinary surgery, dentistry, emergency critical care (ECC), grooming and boarding.
The hospital also offers clients the Banfield Optimum Wellness Plans (OWP), a preventative care package for comprehensive exams, vaccinations, parasite control, routine diagnostics, and unlimited free office visits (Services and Features, 2014). The wellness plans are offered for puppies/kittens along with adult dogs and cats and are considered affordable helping pets to remain healthy and happy. The wellness plan can be customized to the pets specific needs, with spay/neuter add-on, dental prophylaxis, and x-ray packages. Depending on the wellness plan (Essential, Active, or Special Care Plan), the patient receives a discount associated with the plan which offers a discount on medication or diagnostics that are not included or under OWP services.
Each hospital is equipped with an in-house lab, high-speed dental equipment and digital x-ray machines, allowing results to be received quickly and safely so that patients can be provided with the care they need (Services and Features, 2014). An in-house pharmacy is available, so when picking up supplies at PetSmart, time and money can be saved by also filling the pet’s prescription.
Current threats to Banfield are:
• Local veterinary clinics/small business owners.
• Small business owners copying model of wellness plans, discounts.
• Economic decline/consumers spending less for wellness plan sign ups, sales or elective surgery/procedures.
• Potential loss of existing clients (if new Banfield locations open).
Research Question & Hypothesis
With the pet population expanding, there will always be a need for veterinarians. Given today’s competitive environment, is Banfield Pet Hospital capable of successfully overcoming weakness in internal and external planning? It is evident that Banfield still...