Note: I will be answering this question myself to help other people who come across this problem in the future. Feel free to submit your own answers if you want, but know that it's already answered!
I am attempting to install the VMware Tools in a Windows 8.1 guest, but the
Manage > Install VMware Tools... menu bar button is greyed out. I have downloaded the VMware tools for Windows (I can see it in
C:\Program Files\VMware\VMware Player\windows.iso) on the host computer. How can I fix this problem?