Php – msvcr110.dll is missing from computer error while installing PHP

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I am trying to install PHP(5.5).
I extracted the zip file in C:\php folder. And I also set the 'Path' system variable to C:\php. But when I open command prompt and type php I get error saying:

The program can't start because MSVCR110.dll is missing from your
computer. Try reinstalling the program to fix this problem.

I checked for this dll in C:\Windows\System32 directory and I could locate the file there.
How to get rid of this error?
Any help would be appreciated.

Thanks in Advance.

Best Solution

You need to install the Visual C++ libraries: http://www.microsoft.com/en-us/download/details.aspx?id=30679

As mentioned by Stuart McLaughlin, make sure you get the x86 version even if you use a 64-bits OS because PHP needs some 32-bit libraries.