Final answer:
The next step for the team of managers after defining the business and mission is to analyze the external environment. This foundational analysis informs later steps such as setting specific objectives.
Step-by-step explanation:
After a team of managers has defined the current business and mission in the strategic management process, the next step they should most likely undertake is to analyze the external environment. This analysis involves examining outside factors that can affect the organization's ability to achieve its mission such as market trends, economic conditions, regulatory landscape, and competition.
This ensures that the strategic plan is developed with a comprehensive understanding of the business landscape and that the team is prepared for any external challenges or opportunities that may arise.
It is crucial to have a fully planned framework to facilitate necessary changes and to ensure the effectiveness of the strategic plan. Once the external environment has been thoroughly analyzed, the managers can then proceed to set specific objectives that are aligned with the organization's mission and informed by the external environmental analysis.
Therefore, the correct answer is a) Analyze the external environment.