Ravi Mehta’s 4 Effective Product Team Structures is a helpful framework for leaders to figure out how to organize product teams:

Because of the nature of product work, there are two vectors that product teams need to be organized around: area of focus and level of accountability.

1. For area of focus, product teams can align their work with either business outcomes or feature development.
2. When considering the level of accountability part of the structure, product managers either act as fully responsible owners of the work or as facilitators of the work, where they share metrics responsibilities with cross-functional partners.

In the article he goes through the pros and cons of each of the 4 structures.