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What does it mean when a business school lists their 80% GMAT range?

If a school says 80% of the people scored between 540 and 690, that means exactly what it says, right? My question then is if I get a 550, I'm considering scoring in the range of 80% of applicants? Schools usually list an average which is much higher, for example from above 650. So if I score below the average, but above the lowest score of the 80% range, what kind of position would I be in? For all the schools I'm applying to my GPA, work experience, etc. will be very good.

Public Comments

1. The 80% range means that 10% of those admitted have a lower score, 10% have a higher score and the other 80% are in that range. If the range is 540-690 and you got a 550 -- then you are in the middle range, but at the low end of it. My guess is that about 85% of those accepted have a higher GMAT score than you do. If your GPA and work experience really are good, I would advise taking a GMAT pre course to try to improve your score. Even a small increase will improve your chances of getting into a good school.
2. To be honest there are plenty of traditional or online schools that do not require a GMAT that are fully accredited. The GMAT is getting to where less schools are evaluating students at just that. You can't really evaluate a student overall based on a test since there are poor test takers who can complete a MBA/Master's program. If you are worried about the GMAT don't wast time/money preparing and look at schools that do not require it.