Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
If you are paying for Microsoft 365, that's a subscription, and you shouldn't need product key. You might need it the first time you bought it if from a third-party seller, it was to redeem to your account, so your account moving forward is your license.
You install it from your account https://account.live.com > Subscriptions, you will find the subscription listed and the install option, download the installer from there and run the file to install.
Unless, you don't mean to say "Microsoft 365", you might have some one-time purchased license??