I don't answer ur second question as it is very simple.

The difference between Project & Product Testing is similer to tailoring clothes for a single/defined (# of) customers and tailoring clothes for a readymade retailer/wholesaler.

White testing the Project U know what the cusomer(s) wants (Req' Spec's). But while testing the Product u don't know what the custmer wants u depend on the Product Analysis n competency. STrategy with the testing team will have a big role to play in Product Testing.

In 1 sentense U test limited set of user requirements in Project Testing where as U get to test Unlimited # of user requirements in Product Testing. In other words Testing Scope is Limited in Project Testing n Unlimited in Product Testing.

Project : If any organization is developing the application according to the client specification then it is called as project.

Product: If any organization is developing the application and marketing it is called as product.

The only difference we come across during the project testing and product testing is :

In project testing we go through the Alpha Testing Beta Testing User Acceptance testing whereas in product testing we dont have this.

Project: Get requirements from the client and develop the project.This software is for only one companyand has specifi customer.For this Alpha test will be done.

Product: Get requirements from the market and develop the project.This software may have more than one company and has no specific customer.For this Beta-version or trial version will be released in the market to do Beta test.

Project : In project testing the application is developed as per the clients requirements

Product: Organization can develop a particular product and then market it to many clients also the product can be tailored for each client.