GMAT Score!! Is it really a make or break thing?

GMAT score is often the most talked about topic when it comes to MBA journey of an applicant. People so often start preparing for GMAT even before they finalize schools and in some cases even before they could answer why MBA {I too belonged to this category ;)}.

Is it true that one's GMAT score is the decisive factor in one's application? {i know this is the most cliched question and most answered question in the GMAT forums. I will just try to bring a different perspective to this question.} Undoubtedly, GMAT score is very important and you can get some idea about its importance from the following numbers:

Source: Kellogg Business school website





Its not tough to conclude from the above numbers that the lowest score pool has the highest conversion %age and the 750+ pool has the lowest conversion %age. There is not a huge difference between number of applicants in the two pools(718 vs 885). Then what could be the decisive factor??
It is important to realize that one's application consists of the following parameters (this list does not represent the relative importance of any of the factor, all the factors are equally important):

1. GMAT score
2. Work Experience
3. Extra currics
4. Recommendations
5. Undergrad transcripts
6. ESSAYS (I believe them to be most imp -- essays must give a clear and interesting picture of the candidate to the Adcom)

The highest no. of applicants are from 680-740 pool and if your score is in this bracket then stop bothering about retaking the exam and start working on other aspects of the application.

Good GMAT score is necessary but not sufficient!