What is Product

A product is anything that is offered to a market to satisfy customer wants

and needs. The product includes both tangible and intangible items
available for sale in the market. A company sells a variety of products at a
time. For example, PepsiCo sells hundred of products under the product
lines of beverages, food, and nutritional products. These product lines,
when combines, are known as product mix.
A product line is a group of closely related products with similar functions,
customer groups, outlets, and the same price ranges. For instance, the Nike
product line includes Footwear, Apparel, and Sports equipment, when all
these product lines combine constitutes product mix.

What is Product Mix

Product mix or product assortment is a set of the total number of product
lines that a seller offers in the market to its buyers. The company may have
one or several product lines, and each product line may have several
products. When these product lines get together are known as the product
mix of the company.
The product mix is an essential element of the marketing mix because the
other elements will work if there is a product or service to offer in the
market. It is known as the central part of all marketing activities.

Width – Number of Product lines

Width or breath of the product mix means the total number of product lines
that a company offers to sell. For instance, if a company offers milk and
yogurts, it indicates that it has two lines. Similarly, a cosmetic company
manufactures four different types of products – jewelry, cosmetics,
fashion, and household items. Its product mix width is 4.

Depth – Product Variation

Depth of a product mix means the total number of variations for each
product a company offers within. There may be different variations in the
product e.g., size, flavor, taste, and many other characteristics. For
example, Medicam sells four sizes, and two flavors of toothpaste mean
that this line has a depth of eight. 
Another thing I want to discuss is the average depth of the product line.
Suppose a company’s first line depth is 8, and the second one is 10 then
the average depth is 18.

Length – Total Products

The length of the product mix means total number of products within the
company product lines. For example, if a company has 10 product lines
and each line has 3 products, then length is (10×3) = 30.

Length of the product mix refers to the total number of products in the mix.
If a company has 5 product lines and 10 products under each product lines,
the length of the mix will be 50 [5 x 10].

Product Mix Consistency

Product mix consistency is the close relationship between different product
lines. The more product variation means less product consistency. For
example, a dairy company has two product lines milk and yogurt. Both lines
have the same users and distribution channels. Due to low product
variation and high product mix consistency. Take another example of
Philips Electronics with 7 product lines having high production mix
variation and low consistency.

Product Mix Example

Let us take a small example to understand the product mix of Nike.
Footwear – Boots for strikers, Midfielders, Defenders, Sneakers
Apparels – Headwear, Tops/Polos, Jersey, Jackets, Shorts, Shocks
Equipment – Ball, Bags, Watches
Product Depth – 4 in Footwear, 6 in Apparels and 4 in Equipment

Product Length – 14

Product Width – 3

Product consistency –  High consistency Nike focus on health-conscious

people.

Hope it will give you a better understanding of the concept

Product Mix Vs. Product Line

Product mix refers to the total number of products of a company offer to
sell. On the other hand, product line refers to related products with similar
users and functions. In the above example of Nike, the footwear, apparels,
and equipment are all product lines. When these product lines come
together known as product mix.