balms and oils are used to help condition your beard and skin they help to keep your beard soft and cut out that itching that happens under a lot of beards. Balms help with longer beards to keep it looking neater oils can do the same thing I find that the balm is thicker and lasts longer than oils think of them like a leave in conditioner. Wax to style the stache thats about all I do with it.
And I will also add to mattjm's awesome explanation....... most soaps/shampoo's today strip our man beards of important oils. Jojoba oil is one of the closest oils to our natural oils. I shower with axe, but when I wash my beard, I use dr brenners soap. Its a great product, but beware of the icing effect on the crown jewels if one were to bathe with this soap.
I've JUST NOW gotten her used to the mustache wax, I think I'll hold off on the "beard-o-copia" for a little while....