As the team reaches consensus on a preferred design, a stakeholder requests adding new features to improve competitive advantage. What should the project manager do?

The correct approach is to initiate the process to include the new features in the next iteration. In an agile environment, new requirements or changes are typically captured and prioritized in the product backlog. They are then considered for inclusion in future iterations based on their value, feasibility, and alignment with project goals, following the established change control process. Accepting or rejecting changes without proper evaluation and process bypasses governance and can lead to scope creep or missed opportunities. Encouraging premium features without a formal process is also inappropriate.