TRAP: This question eliminates candidates who are desperate for any job, not this particular job. It tells the interviewer whether you are interested in and passionate about this company.
TRICK: Let your answer show that you did some research. Prove that you do your homework. If you get this question, so do the other candidates.
Most of them will probably give broad information they found by simply typing the company's name into a search engine. You should know that basic info, but you should also impress the interviewer with specific data that is important.
With just half an hour of research, you might surprise the interviewer with your answers. Search the Internet to find information about product/service, market share with competitors, annual revenue change, future goals, greatest company achievements, competitors, and facts about the CEO and the team you will work with.
Make the interviewer's day. Show them you know your stuff—and that you know about their company.