InstallShield LE “Another version of this product is already registered”

Question

I'm running into a roadblock using InstallShield LE in VS2010. The second time running the resulting setup.exe (with incremented version numbers), I get the error

Another version of this product is already registered

By "incremented version numbers", I mean I changed the Minor Version, Build Number and Revision to larger numbers in AssemblyVersion and AssemblyFileVersion of my .exe (the DLL's are set to "1.0.*")

[assembly: AssemblyVersion("0.2.103.005")]
[assembly: AssemblyFileVersion("0.2.103.005")]
[assembly: AssemblyInformationalVersion("Alpha 0.1 - 2/8/2011")]

and also updated the Product Version in the General Information tab of the Installshield LE setup project from 0.10.0000 to 0.11.0000.

I did come across instances of this error message in other SO postings and on the manufacturer's community support forum, but did not find a solution that applies to me.