Difference Between Product & Project in software

Project or Application:
* One client point of view if we are designing any software it is called project.
* This is custom made for a specific company in a specific domain, by taking the companies requirements.
ex: subiksha

Product :
* Global client point of view if we are designing any software it is called product.
ex: Ms-word.
* Many companies can use it irrespective of domain -
ex: Microsoft Office.