Around this time of year, I often speak to candidates willing to submit half-baked applications, saying, if “I don’t get in, I’ll just reapply.” This is so very misguided. Even though school adcom often say they are "re-applicant friendly" they also say, "same input, same output." If you submit the same application the following cycle, you’re basically telling the admissions committee that they were wrong before and made a mistake.
Adcom is often skeptical when you apply the following cycle - have you had “time to improve?" It’s difficult to get a totally objective fresh look with new goals or a better written application. You need to have some fundamental upgrades in your profile such as a test score bump, job promotion, and/or improved leadership profile.
So, when you submit your application, make sure it’s your best effort the first time.