[UPDATE 2017-05-18] This answer is outdated for Ubuntu newer than 15.10 (Wiley). The executable vmware-hgfsmounter has not been available in Ubuntu since 16.04LTS (xenial). Although, hgfsmounter may still be available on other Linux distributions, since the hgfsmounter function is still currently available in the upstream source code on GitHub. If anyone has updated information, please comment or edit this answer, instead of down-voting, as I believe this answer may still be valid for older Ubuntu releases.
This answer also assumes that you are not using VMWare Tools from VMWare but instead using open-vm-tools from your Linux distribution. VMWare decided to support this switch in 2015. See KB2073803. Therefore this answer also assumes that your version of Ubuntu can install the open-vm-tools from it's software repository.
OUTDATED FOR UBUNTU > 15.10 (Wiley)
This worked for me using open-vm-tools from Ubuntu Software Center (trusty-14.04LTS shown - please see update above):
cd /mnt
sudo mkdir hgfs
sudo vmware-hgfsmounter .host:/`vmware-hgfsclient` /mnt/hgfs
assuming of course that I had already enabled a shared folder from the host machine in VMware Player settings.
Note that vmware-hgfsclient returns the list of shared folders that are enabled in the VMware Player settings. This function is available for both open-vm-tools and vmware-tools.
Also note that vmware-hgfsmounter is equivalent to
mount -t vmhgfs .host:/win7share /mnt/hgfs
or to adding to your /etc/fstab file
.host:/win7share /mnt/hgfs vmhgfs defaults 0 0
But the vmware-hgfsmounter function is not available using the official vmware-tools from VMware that ships with the current VMware player. Therefore, as the currently accepted answer suggests, running the vmware-config-tools.pl -d fixes the problem.
vmware-config-tools.plworked for me. – jchook Jul 20 '15 at 17:16