installing vmware tools on RHEL7 / Centos7 linux

UPDATE
With RHEL and Centos 7 you can use a yum package to install VMware Tools, which is the preferred method

yum install open-vm-tools

or from the virtual infrastructure client

First you click on install VMware Tools.

Then do the following:
mkdir /mnt/cdrom
mount /dev/cdrom /mnt/cdrom
cp /mnt/cdrom/VMwareTools*.tar.gz /tmp/
umount /mnt/cdrom
tar -xzvf /tmp/VMwareTools*.tar.gz
rm -Rf /tmp/VMwareTools*.tar.gz
/tmp/vmware-tools-distrib/vmware-install.pl