Project Developed for particular client
requirements are defined by client
Product developed for market
Requirements are defined by company itself by conducting 
market survey
Example
Project: the shirt which we are interested stiching with 
tailor as per our specifications is project
Product: Example is "Ready made Shirt" where th eparticular 
company will imagine particular meaurementsand they made 
the prodcuct
Mainframes is a product
Product has many mo of versions
but project has fewer versions i.e depends upon change 
requets and enhancements

Hai

Product defined as like this
If any app is defined as per the global point of view that 
is nothing but product.
Here product marketing team in the organization and client 
defines the req
EX. OS,MS ACCESS.........

Project is defined as 
If any app is defined as per the customer point view that 
is nothing but project also known as application
Here client defines the req
Ex.Hospital management,etc

Product : According to Global client point of view if we r 
design any s/w it is called product

           E.x: Ms-Word


Project : According to one client point of view if we r 
design any s/w is called project