An ideal product-mode team is an empowered, outcome-oriented, business-capability aligned, long-lived, cross-functional, ideate-build-run team that is able to and expected to solve problems and improve business outcomes, rather than deliver scope on schedule. post 
In product-mode, it is not just the team that is long-lived, its association with a problem area is also long-lived. Product-mode teams often run in pull-based development mode with a focus on achieving flow and less emphasis on achieving predictability using story level estimation and release plans.