1. A company's product mix consists of its various product lines and has four dimensions: width, length, depth, and consistency.
2. Product-mix decisions involve analyzing product lines, reviewing a market profile against competitors, and methods to extend product lines such as line stretching, line filling, and line modernizing/featuring/pruning.
3. Product-mix management is important for companies like Hindustan Unilever to effectively offer the right portfolio of products.