From Audio Engineering 101 Textbook:
Mixing tasks (please note, this is not an all-inclusive
list) are as follows:
1. Balance of instruments: Balancing the
volume between the recorded tracks is the
first and most important step performed
during mixing.
2. Compression or limiting: Controlling the
dynamic range helps sounds sit more consistently
in the mix while squashing any sudden
peaks.
3. Panning: Panning helps the user separate
like instruments and open up the complete
3D reference ball.
4. Equalization: Start with subtractive equalization
then boost what is missing.
5. Additional editing: This is the engineer’s
last chance to clean up and consolidate the
recorded tracks.
6. FX: Effects are applied at this stage for
additional depth and texture. They can also
be used to separate or glue instruments
together. + Sending, Returning
7. Automation: Typically the last stage of
mixing. Automation allows the user to program
volume changes and other moves to
later be recalled and performed
automatically.