By product org do you mean a silo of an organisation dedicated to one particular product (so if a company has five "apps" they have five siloes and five marketing teams five engineering teams and five board members ?
I understand it to mean that there is a part of the org (separate from the engineering team) that shapes the direction of the product; decides "these are the features we're going to implement, these are the issues we're going to address"; one way of looking at it is that their primary output is putting things in to the engineering team's backlog.
Aha - so you are saying there is a product manager (plus "org") whose job it is to produce big backlogs separate from the people who will implement them.
