Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Sorry, the PC version of Office and the Mac Office Product are totally different programs "under the hood" so they should not be expected to be interchangeable.
You will need either Office:Mac 2008 or Office:Mac 2011 (the current version) to run Office natively on your Mac. Your Office 2007 product key will not work to activate either of the Mac products.
Office 365 Home Premium is partly browser-based so it will work on Macs and PCs and some mobile devices, too.
Depending upon how heavily you use Office, you might get by on your Mac using the web based free Office Web Apps.