Perhaps one of the most dreaded interview questions, there really is a right way to answer this beast. As someone who hires on a regular basis, I’ve found this question helps figure out if a candidate has done his research and actually cares about getting the job or not. Most candidates have been faced with this question before, so it shouldn’t come as a surprise. It’s kind of like an open-book exam.
I suggest that you use this question to showcase your research skills, knowledge of the industry and company, and highlight how well you can prepare. It’s also a chance to talk about how you can benefit the company. The last person I interviewed and who answered this question well chose to describe a particular product of ours (eCash). He got very detailed, even pointing our specifics I was unaware of. In fact, he brought up potential answers to solutions nobody on our team had thought about yet.
When preparing for an interview, remember to make this part of the process. It’s right up there with nailing down reasonable weaknesses and strengths that don’t come off as bragging.