In a scenario where a competitor is also working on a similar product, it is advantageous to use an incremental delivery approach. This approach allows the project team to release portions of the product to the users rapidly. By doing so, the project can gain a competitive edge by being first to market, and also receive early feedback that can be used to improve subsequent releases. This aligns with the PMBOK guide's emphasis on tailoring the project approach to the objectives and market conditions1. References: = PMI-PMP: Which delivery approach should the project manager use for business transformation1; PMBOK Guide2.