Hi ashikpshetty,
Thanks for sharing your profile info with us! A GMAT score in the 720-740 range would definitely be considered strong. Regarding your lower graduate GPA, do you have a clear explanation for why your GPA wasn't higher? For example, was your undergraduate degree in a field that had nothing to do with business? Were you working part-time during graduate school and therefore stretched thin? If you don't have a clear explanation, then you'll need to explain in your essays (and/or have your recommenders explain in their letters on your behalf) how you've shored up your quantitative and communications skills during your work experience to compensate instead.
As for which schools are "good" for you, that question really comes down to fit. I would recommend that you pay close attention to which schools have strong faculty members in your particular sub-field of interest within management; who would you learn a great deal from? I would also pay attention to success rates of PhD graduates from different schools when they apply to academic jobs after graduation (assuming that's what you want to do as well). For a PhD program, the reputation of the university / the business school certainly matters, but it's more critical that you find a PhD advisor who will be the best mentor for you given your specific research and teaching interests.
I hope that's helpful -- if you'd like to chat more, feel free to reach out to us at
www.admissionado.com!
Best,
Doris