Explanation
According to the PMBOK Guide 7th Edition, the project manager should lead and support the project team and collaborate with them to deliver the project outcomes. In this case, the project manager should meet with the project team to discuss the concerns and determine how to ensure the project's deliverable can compete with the competitor's, such as by incorporating customer feedback, enhancing the features, or applying the newest technology. The project manager should not perform a Kano analysis, as this is a technique to prioritize the customer requirements, not the competitor's. The project manager should not meet with the development team only, as this may exclude other team members who may have valuable inputs. The project manager should not note this concern in the risk register and meet with the sales team only, as this may not address the root cause of the problem and may not involve the project team12. References: PMBOK Guide 7th Edition, Chapter 3: Project Performance Domain, Section 3.3: Lead the Team, Page 65; Chapter 4: Project Delivery, Section 4.2: Collect Requirements, Page 89.