Starting with your score, it’s a risk trying for your target schools as not only the score but also other factors are suggesting that and we would talk about them as well. Now, you have a decent amount of work experience but what matters is that it proposes your image as a candidate possessing strong leadership qualities. So try to take up responsibilities in your job where you get to enhance your leadership qualities. Also get involved into extracurricular activities as it forms an important part of the application and here also try to enhance your leadership skills. So being at your place I would definitely go for another take of GMAT aiming 720+ as it would also help open various other B-school options. So get started and Good Luck!
Thank you so much "InterviewBay2". I have a lot going through my mind after reading this response , Thanks for the new perspective to think about.
Now i have different set of questions as i understand that a score "720" alone would not fetch me a decent chance. Do you think taking up a new job or switching to a different lane (BD or Business analyst for a Start up) would help diversify my profile and thereby provide an edge over competition ? not to mention that I would have less than 6 months of Experience when appear for the R1 of interviews ?