In the given reaction:
- The reaction involves a substitution of a benzylic OH group in the presence of NaI.
- This leads to formation of sodium carboxylate salt (P) – \ch{COONa}.
- The byproduct from this reaction is NaI (Q).
Hence, the correct products are:
\[
P = \ch{COONa},\quad Q = \ch{NaI}
\]