If you have only one week, I have several suggestions both with and without Machu Picchu.
For hiking and being in the Andes mountains, check out the Cusco Region Treks and Peru’s North, which includes the Cordillera Blanca and Huaraz. If you’re more into wildlife, head the Peruvian Amazon jungle.
Peru has incredible archeology up and down the coast, though many of the Inca gems are in the Cusco region. Machu Picchu is the best known, but there are many more archeological sites that are equally impressive, like Choquequirao, below.
If you have two weeks, you have a lot more options! Your first choice will be if you want to spend the whole time in the south, near Cusco and Machu Picchu for archeology and hiking, or if you want to also see the north, for the beaches and mountaineering in the Cordillera Blanca. Your second choice is if you want to stick to the mountains for hiking or also see the jungle for wildlife or the Pacific coast for beaches and archeology.