How to get DropDownList SelectedValue in Controller in MVC

1st Approach (via Request or FormCollection):

You can read it from Request using Request.Form , your dropdown name is ddlVendor so pass ddlVendor key in the formCollection to get its value that is posted by form:

string strDDLValue = Request.Form["ddlVendor"].ToString();

or Use FormCollection:

[HttpPost]
public ActionResult ShowAllMobileDetails(MobileViewModel MV,FormCollection form)
{           
  string strDDLValue = form["ddlVendor"].ToString();

  return View(MV);
}

2nd Approach (Via Model):

If you want with Model binding then add a property in Model:

public class MobileViewModel 
{          
    public List<tbInsertMobile> MobileList;
    public SelectList Vendor { get; set; }
    public string SelectedVendor {get;set;}
}

and in View:

@Html.DropDownListFor(m=>m.SelectedVendor , Model.Vendor, "Select Manufacurer")

and in Action:

[HttpPost]
public ActionResult ShowAllMobileDetails(MobileViewModel MV)
{           
   string SelectedValue = MV.SelectedVendor;
   return View(MV);
}

UPDATE:

If you want to post the text of selected item as well, you have to add a hidden field and on drop down selection change set selected item text in the hidden field:

public class MobileViewModel 
{          
    public List<tbInsertMobile> MobileList;
    public SelectList Vendor { get; set; }
    public string SelectVendor {get;set;}
    public string SelectedvendorText { get; set; }
}

use jquery to set hidden field:

<script type="text/javascript">
$(function(){
$("#SelectedVendor").on("change", function {
   $("#SelectedvendorText").val($(this).text());
 });
});
</script>

@Html.DropDownListFor(m=>m.SelectedVendor , Model.Vendor, "Select Manufacurer")
@Html.HiddenFor(m=>m.SelectedvendorText)

Model

Very basic model with Gender field. GetGenderSelectItems() returns select items needed to populate DropDownList.

public enum Gender 
{
    Male, Female
}

public class MyModel
{
    public Gender Gender { get; set; }

    public static IEnumerable<SelectListItem> GetGenderSelectItems()
    {
        yield return new SelectListItem { Text = "Male", Value = "Male" };
        yield return new SelectListItem { Text = "Female", Value = "Female" };
    }
}

View

Please make sure you wrapped your @Html.DropDownListFor in a form tag.

@model MyModel

@using (Html.BeginForm("MyController", "MyAction", FormMethod.Post)
{
   @Html.DropDownListFor(m => m.Gender, MyModel.GetGenderSelectItems())
   <input type="submit" value="Send" />
}

Controller

Your .cshtml Razor view name should be the same as controller action name and folder name should match controller name e.g Views\MyController\MyAction.cshtml.

public class MyController : Controller 
{
    public ActionResult MyAction()
    {
        // shows your form when you load the page
        return View();
    }

    [HttpPost]
    public ActionResult MyAction(MyModel model)
    {
        // the value is received in the controller.
        var selectedGender = model.Gender;
        return View(model);
    }
}

Going further

Now let's make it strongly-typed and enum independent:

var genderSelectItems = Enum.GetValues(typeof(Gender))
    .Cast<string>()
    .Select(genderString => new SelectListItem 
    {
        Text = genderString,
        Value = genderString,
    }).AsEnumerable();