Hi Bobbie:
While I would need to better understand your profile as well as your quant / verbal split, I highly recommend you retake the GMAT.
The average score for the class that entered CBS this past year is 732. More importantly the median score was 700 - 760. This means that only 10% of the class scored below a 700. Schools look at many components of an application aside from the GMAT (goals, desire to attend CBS, past career history, outside activities - just to name a few). It is certainly possible to be admitted with a 700, but the chances are low and you will need to over achieve in every other aspect of your candidacy. Why give CBS a reason to turn you down if you can score higher?
I should also mention that CBS works on a rolling admissions basis so you need to apply earlier rather than later. Thus I recommend you prep and retake the GMAT as soon as possible assuming it is one of your target schools.
The application is a holistic process. My answer above is based on little information about you. If you would like to talk about the GMAT in relation to your overall profile feel free to reach out to me for a free consultation.
pamela@jaffeadvantage.comPamela