What do you know about this industry?
Research is definitely the most important factor here.
You need to do as much homework as humanly possible on the company who you are being interviewed by so that you can impress them when they ask you this question but so that you can also draw comparisons throughout the interview.
If you know anyone who currently works there, a friend of a friend even then speak to them and find out information from the inside, how is it to work there, what are the advantages, disadvantages etc.
Remember to focus on the positives in your interview though!
By being able to answer this question you are showing an employer whether you are Proactive or Reactive, they will want to know if you are a curious person or not and exactly how interested in working with them you are.
How you answer this question shows whether you prepare before doing a task or not and an employer will almost always want someone who takes the time to prepare and think about what they are doing.
Research not only about the job or department you are applying for but the whole company for example:
Do they have other sites? Is that the Head Office? Where are the other sites? How many sites do they have? How many years have they been trading? How many staff? How big is the department? Can you find out about turnover? Quote their website, a company will always want to know you have looked and studied their website carefully. What ever the role you are applying for you want to stand out from the crowd so preparation and through research are the key factors to concentrate on prior to your interview, make notes, don’t be afraid to take them with you and use them during your interview.