I agree with andrewtayloruk that it is a ridiculous question but unfortunately interviewers like to throw it out there to see what people have to say.
Turning a weakness into a strength is a tried and true, but overused, strategy. Unless you are really clever (and I don't mean humorous) with the answer, people will see right through it.
Other strategies include giving a weakness that is minorly relevant to the job at hand or something that could easily be corrected with a little study or exposure. That will at least show that you did some research into the job and the company - which employers love that you cared enough to do your homework.
Honesty is the best policy because it will make your answers sincere and you will appear as a forthright and trustworthy person that a company will want to take a chance on hiring you.
As for having a bad interview, it happens to everyone. A lot of time it is for the best, because that is an indication that the chemistry between you and your boss wouldn't be there in the first place. Companies have personalities and a lot of folks hire in their own image so if the fit isn't there then you are better off working somewhere else.
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