Hi calvinstone,
To start, many GMATers are unhappy with their initial practice scores, but you really shouldn't be. That 340 is just a measure of your skills right now - and you'll improve on that result over time as you learn more about the content, Tactics and little 'secrets' of the Exam.
In addition, many GMATers spend 3 months (or more) of consistent study time before they hit their 'peak' scores, so if you're planning to spend just 2 months on your studies, then there will likely be a limit to how much you can improve in that time. In addition, it sounds as though you are thinking about "cramming" lots of study time during the next 2 months - and you might end up inadvertently "burning out" before Test Day if you take that approach. Considering that the 700+ Score is approximately the 90th percentile (meaning that most GMATers never score that high on the Official Exam), you might want to plan for a bit longer of a study timeframe so that you can avoid some of the potential pitfalls that could keep you from your Goal.
Before I can offer you any additional advice for your studies, it would help if you could provide a bit more information on your timeline and your goals:
1) On this 1st CAT/mock, did you run out of time on any of the sections (and leave any questions unanswered)?
2) What study materials - if any - do you currently have access to?
3) Are you planning to take the At-home GMAT or are you planning to take your GMAT at a Test Facility?
4) When are you planning to apply to Business School and what Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich
Contact Rich at: Rich.C@empowergmat.com