I was setting up a new virtual machine today for Microsoft Dynamics CRM today and encountered the error:
Action Microsoft.Crm.Setup.Common.Analyzer+CollectAction failed.
The specified domain either does not exist or could not be contacted. (Exception from HRESULT: 0x8007054B)
The error is related to Active Directory. To resolve this issue, you just have to add the current server to the existing domain or promote the server as a domain (in case of virtual machine… similar to my case).