Unable to install VMWare Tools on virtual Mac

I've created a virtual instance of a Mac (Mountain Lion) on my Windows 7 system.

I click on the Player button, select Manage & then Install VMware Tools. I get an error: Could not find component on update server. Contact VMware Support or your system administrator.

I confirmed that I can browse the Internet from the virtual system. What other steps should I take, so that I can install the tools?

Thanks,

BigSam