After extracting the zip file. The launchpad.exe is not opening up the setup wizard. Please help me set it up.
WebSphere 7 is no longer supported. See this ref: https://www.ibm.com/developerworks/community/blogs/aimsupport/entry/End_of_Support_for_WebSphere_v7_v8_and_Java_6_in_WebSphere_v8_5_April_2018?lang=en
Also WebSphere 7 isn't normally distributed as a zip file, so I don't know where you got what you're trying to install.
If your company has an extended service agreement, you should contact your IBM Rep for information.