What does a product mix refer to?

A product mix refers to the complete range of products that a company offers to its customers. It encompasses various dimensions, including the number of product lines, the variety of products within those lines, and the overall depth and breadth of the offerings. To elaborate, what exactly does a product mix entail? How does it encompass the different product lines and varieties that a company provides? Additionally, what are the implications of having a diverse product mix for a business's strategy and market presence? In summary, a product mix is the total assortment of products available from a company, which includes multiple product lines and various items within those lines. Understanding the components of a product mix is essential for grasping how businesses strategize and position themselves in the market.