Hi Ankur121294,
The process of applying to (and ultimately attending) Business School will require a big investment of time, money and energy on your part, so you really should make sure that the Programs that you apply to match your career goals/needs. There are a variety of factors that go into selecting the Schools that you'll apply to. Instead of just applying to Programs in which you might have a good chance to 'get in', here are some other things to think about:
1) Is there a particular company that you want to work for or industry that you want to work in? Certain degrees are more appropriate than others if you have a specific career goal.
2) What do you want your MBA to do for you?
3) Do you want to go to School full-time or part-time?
4) Are you willing to relocate? Are you comfortable with working through a program that is primarily online?
5) Are you going to be applying for scholarships?
Etc.
It's okay if you don't have answers to any of these questions just yet, but you really should try to define all of the important variables in terms of your goals, so that you can tailor your entire approach to getting into the best School that matches what you're looking for. It's possible that you do not actually "need" a 700+ Score - but that will depend a great deal on the Schools that you want to apply to and your OVERALL profile.
When it comes to preparing for the GMAT, there are a variety of different study materials that you might use. Purchasing a copy of the main GMAC Official Guide (any version from the last several years) would be a good idea, as that book is a great source for realistic practice questions. That having been said, those books are not designed to teach you Tactics, patterns or the little 'secrets' behind the GMAT - for those, you'll need Course-oriented materials. Depending on how much time you want to commit to your studies, you would likely find it beneficial to invest in a GMAT Course of some type (either Guided Self-Study or instructor-led).
Most GMAT Companies offer some type of free materials (practice problems, Trial Accounts, videos, etc.) that you can use to 'test out' a product before you buy it. We have a variety of those resources at our website (
www.empowergmat.com). I suggest that you take advantage of all of them, then choose the one that best matches your personality, timeline and budget.
If you have any additional questions, then you can feel free to contact me directly at any time.
GMAT assassins aren't born, they're made,
Rich