This varies a lot from school to school. Find out what the yield rate is at the school: at some schools a lot of admitted candidates go elsewhere, and and other schools almost all the students take up places. My impression is that at London Business School you have to be a really amazing candidate to make it off the waitlist.

But it's November. If they are waitlisting you in November then I think that's worse: the programme cannot be full (unless it starts in January). There's a good chance that you will not be admitted.

To convert to an admit, just become a stronger candidate. Consider what your weaknesses are, work on them, and consider what evidence might what you have done. This will also help you at other schools. Your focus should really be on other schools.

Duncan,
The yield rate at this school is 48%.
So,since the yield is so low,if I show a strong commitment to go to this school ..do you think I may be admitted to the program..

Well,I don't know how to reply...Adcom has mentioned that my application has potential and that they will inform me when my application status changes. Adcom has also written that if I have other options,I should inform them.
But the school that I'm waitlisted at is my first preference. Duncan,should I tell the school that if accepted,I will definitely enrol in the school?

You stand a good chance. If it's your first preference, then you should tell them that.