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vmnetcfg.exe is required when you want to configure multiple network interfaces (e.g. one local and one wireless) in the same machine.
But where is it?
UPDATE This question was originally for version 3.1.1 but apparently VMWare still hasn't fixed this, as recently as version 7.x. Updated answers are found below my original one.
Is another option to just install the full workstation and only use the player program, it then has the netcfg utility? – Steve – 2019-05-19T23:27:20.513