VMware provides several methods to install updates and patches. The method which fits best for you depends on the environment. For large environments Update Manger might be the best choice, whereas an update from the command line, or an interactive CD-ROM update may fit best for a single (or only a few) host.
Please take a look at https://kb.vmware.com/kb/2008939 which shows how to update the host from the command line, and also contains links to e.g. the Upgrade Guide.
André
