The PRODUCT_NAME is defined in the target’s Build Settings in the Packaging section. It has the same name by default as your project.

Edit:
While PRODUCT_NAME is by default the name of the Target (MyDemoApp in this case). The EXECUTABLE_NAME is a concatenation of:
$EXECUTABLE_PREFIX, $PRODUCT_NAME and $EXECUTABLE_SUFFIX.
See the reference of EXECUTABLE_NAME for details.
Update
The new reference can be found here http://help.apple.com/xcode/mac/8.3/#/itcaec37c2a6
EXECUTABLE_NAME
Specifies the name of the binary the target produces.