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In order to use the Office 2010 Pro Plus software downloadable from the Office 365 Portal page, it needs to be licensed. If your account includes the appropriate license, you won't need to type in a product key. Volume licensing will be handled behind the scenes.
Not every Office 365 subscription includes an Office 2010 license. The trial E3 subscription does, but the trial P1 subscription does not.
If you are using an Office 365 subscription that includes an Office 2010 license, you need to make sure that you've run the Desktop Setup software available from "Downloads" on the main Office 365 Portal page. This will set up the client computer with the necessary licensing components.
If you do not have an Office 2010 license associated with your Office 365 account, then you will not be able to use the Office 2010 downloadable from Office 365.
If you have downloaded Office 2010 from somewhere other than Office 365, you will need to obtain a trial key from another source.