Well i would say with a 700+ GMAT you have a pretty good chance to get into the top MiM programs of the world.
If you have a low GPA, you can negate the effect of it by explaining in your essays the reason for the low GPA or just show the admission committee that you have a lot of other accomplishments to show in place of academics.
Extra-curricular activities are always loved by the MiM schools, they are constantly in search for a person with a different profile or someone who has accomplished a number of things. So highlight your achievements in your essays!
if you have decent work experience, you can highlight the skills you gained by them and any special accomplishments you did while working, also if you have worked for big international companies such as Delloite, Mc Kinsey and so on, you can get a lot of leverage by highlighting these names.
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