If you have installed the Ultimate N versions of the windows 7 OS you are very likely to get this error and the solution to this is as follows
The error is due to the missing Media Foundation Platform which is a dll that does not come bundled with the Ultimate N versions . N versions of the OS are European versions that does not have the media player and related stuff bundled as a result of the European councils measure to do so .Microsoft has also paid around 50 M Euros as fine for the same says some sources.
So you can download and install these features from the link
If you are installing the Microsoft Kinect SDK or the Intel Perceptual SDK you will find this Error .This is just a simple scenario that i have quoted.
Hope you solved your issue and enjoyed reading.