Printmaster 16 Platinum is an older program and is compatible with XP and older versions of Windows.
First check which version of Windows 7 that you have. Click Start > Control Panel > System and Security > System. If your version title ends with x64, you will need to use an option that lets you run an older version of Windows. If you do not see x64 in the title, then the compatibility mode might work.
For the 32-bit OS, right click on the installer and choose Properties. In the Compatibility tab, check the box for always run in the compatibility mode and select an older version of Windows. Apply the changes and click OK. Then right click again and choose Run as Administrator. You may need to repeat this to run the software as well. This is not guaranteed to work in Windows 7 32-bit.
The alternative is to run an older version of Windows. This could be on a second computer, a dual boot computer or a virtual computer (if your hardware supports the feature). Most of these methods require licensed version of the older Windows OS. If you have Windows 7 Pro or Ultimate or upgrade to them, you can run a virtual XP OS for free. Download Virtual PC and XP mode from Microsoft. Then install the Printmaster program in XP as if this is the only OS. (Other virtual computer programs are Parallels and VMWare.)
The only other option is to upgrade to a version of Printmaster that is Win7 compatible. One option is Printmaster 2012 Platinum available here: http://www.broderbund.com/p-273-printmaster-2012-platinum.aspx
I hope this helps.