This is symptomatic of not having Activated the product within the 25 day
time frame as per:
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How do I activate my Microsoft Office programs?
When you start your Office program for the first time after installation,
you are prompted to enter your Product Key, if you have not already done so
during Setup.
Grace period Before you enter a valid Product Key, you can run the software
up to 25 times. This is known as the grace period. During the grace period,
certain features or programs may be enabled that are not included in the
product you have purchased. After you enter a valid Product Key, you will
see only the programs and features you have purchased.
Reduced Functionality mode After the grace period, if you have not entered
a valid Product Key, the software goes into Reduced Functionality mode. In
Reduced Functionality mode, your software behaves similarly to a viewer. You
cannot save modifications to documents or create new documents, and
functionality might be reduced. No existing files or documents are harmed in
Reduced Functionality mode. After you enter your Product Key and activate
your software, you will have full functionality for the programs and
features you purchased.
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If that sounds familiar see here for more detail:
http://office.microsoft.com/en-us/help/HA012334341033.aspx
HTH |:>)
Bob Jones
[MVP] Office:Mac