I was getting the same error in python 3.4.3 too and I tried using the solutions mentioned here and elsewhere with no success.
Microsoft makes a compiler available for Python 2.7 but it didn't do me much good since I am on 3.4.3.
Python since 3.3 has transitioned over to 2010 and you can download and install Visual C++ 2010 Express for free here: https://www.visualstudio.com/downloads/download-visual-studio-vs#d-2010-express
Here is the official blog post talking about the transition to 2010 for 3.3: http://blog.python.org/2012/05/recent-windows-changes-in-python-33.html
Because previous versions gave a different error for vcvarsall.bat I would double check the version you are using with "pip -V"
C:\Users\B>pip -V
pip 6.0.8 from C:\Python34\lib\site-packages (python 3.4)
As a side note, I too tried using the latest version of VC++ (2013) first but it required installing 2010 express.
From that point forward it should work for anyone using the 32 bit version, if you are on the 64 bit version you will then get the ValueError: ['path'] message because VC++ 2010 doesn't have a 64 bit compuler. For that you have to get the Microsoft SDK 7.1. I can't hyperlink the instruction for 64 bit because I am limited to 2 links per post but its at
Python PIP has issues with path for MS Visual Studio 2010 Express for 64-bit install on Windows 7