Marval Products manufactures and whole-sales several lines of luggage. Each luggage line consists of various pieces and sizes. One line is a complete set of luggage designed to be used by both men and women, but some lines are designed specifically for men or women. Some lines also have matching attache cases. Luggage lines are discontinued and introduced as tastes change or as product improvements are developed.
Marval Products also manufactures luggage for large retail companies according to each company's specifications. This luggage is marketed under the retail companies' own private labels rather than the Marval label.
Marval has been manufacturing several lines of luggage under its own label and private lines for retail companies for the last 10 years.
Required:
(1) Identify the factors Marval Products needs to consider in its periodic review of long-range planning.
(2) Identify the factors Marval Products needs to consider when developing the sales component of its annual budget.