Hi Anshul,
First off, a 660/Q47 is a strong score (it's right around the 80th percentile overall), so it could be enough to get you into your first-choice School. As such, a retest might not be necessary. Depending on the Schools that you plan to apply to, you would likely find it beneficial to speak with an Admissions Expert about your overall profile. There's a Forum full of them here:
ask-admission-consultants-124/Raising a 660 to a 740 would likely require far more study time than the two weeks that you've described. You would likely need at least another 1-2 months of consistent, guided study to hit that goal and you would have to make some significant improvements to how you handle BOTH the Quant and Verbal sections.
1) How long did you study for each of your attempts at the GMAT?
2) What study materials have you used?
3) When are you planning to apply to Business School?
4) What Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich