I recently updated my iTunes software. That process seems to have tossed away my Administrator status. I'm running Windows 7, so I found the software in the Programs directory (from Start button > All Programs > iTunes folder > iTunes software. I highlighted the software and right mouse clicked it. One of the options was Run as Administrator. Once I clicked that, the problem went away.
The error message provided no guidance and Apple Community likewise gave opaque or impractical responses for one who wasn't absorbed in the Apple phenomenon. iTunes Help provided no guidance. And iTunes provided no option to view whether I was Administrator,at least not that I could find.
In the process of trying to use iTunes Help the error message kept interfering with me getting to the Help window. I actually had to check off the box that said I never wanted the warning message to appear again, just so I could get to the Help window. After I fixed the software, I found a button to reset warnings, which I hope actually did something. There was no feedback loop on that click, so I don't actually know if that admin privileges warning has been restored.
All in all, I find Apple problems, more often than not, come from updating the software. I lost my entire database last year and had to do a complicated workaround. Some of the stuff people did to fix this admin privileges issue wuold have been well beyond my capabilities. I stopped fixing my own car when things got too complicated. Looks like iTunes is less and less user friendly as time goes along. Too bad.