Hi mayank.rastogi
1) It is true that GMAT is just one factor in admissions, and that candidates with unique backgrounds can overcome lower GMAT scores. I think your background/interest in avionics is a bit of a differentiator, but potentially not enough to overcome the a low GMAT by itself. While avionics is not a common post-MBA field, your experience is largely built on traditional business. This category of "different" is often used to candidates who are former professional athletes, dancers, etc.
2) There are plenty of schools that you can be competitive at with a 640 GMAT. Since I am not familiar with avionics programs, and not overly familiar with non-U.S schools, I am hesitant to give specific recommendations. Every school you potentially could be interested in should have the profile details of their recent admitted class online, which is a good way to benchmark where you stand competitively.
3) Similar to my above answer, I am hesitant to comment on specific schools. I am familiar with these programs though and believe they could be reaches given what I know about your profile.
4) You want to make sure you put your best overall application forward. Essays can be very time-consuming, and of course so is preparing for the GMAT. If your practice tests indicate you can raise your GMAT score significantly, you may want to try and get the test in again if you're thinking LBS/INSEAD are your top choices. Ultimately it is a personal decision based on your confidence in GMAT practice and ability to write good essays quickly.
Best of luck,
Daniel Richards
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