Hope the following answers your question:
1) Work experience: How does it influence my application that I did not get promoted? Due to my companies situation, I can only expect a promotion next April. Shall I wait for the promotion and apply the year after for my MBA?
Promotions are something that admissions team particularly like to see. This is especially true if the promotion put you in a position where you led and managed others. If you have other experience doing this (extracurricular activities, etc.) than this can negate limited experience at work, but leadership experience is a key component for admissions teams.
2) Work experience/ International exposure: In order to make up for not being promoted, would it help if I relocate with my company (e.g. Australia or Middle East) and increase my international profile? However, I would only have 1-2 months of work experience in the new location at the time of the application for round 1. Should I therefore consider to apply for round 2?
Having the opportunity to work internationally is a great, but you should not relocate for the sole purpose of being accepted into a business school. Take the position for the opportunity to learn and grow.
3) GMAT: Should I retake my GMAT of 690, also considering my undergrad and graduate GPA?
If you believe you can increase your score by 40+ points, it may be worth taking again. If you only believe you can improve by 10 points, it is not worth the time. However, remember that an admissions team will only focus on your highest GMAT score.
4) Are my target schools a realistic choice given my profile? How realistic are my chances if I can raise my GMAT to 700/710?
It is difficult to say because I have limited information on your work history and I have not seen your recommendations and personal essays. These will play a critical role in defining your personal brand, which is what an admissions team will be looking for.
Hope this was of help.
Conrad and the Stacy Blackman
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MBA blogger, US News and Author, The MBA Application Roadmap