Start MATLAB
Open MATLAB and click the Add-Ons drop down menu on the top right

Start Support Package Installer
Click on Get Hardware Support Packages in the drop down menu to start the installer. Select 'Install from Internet' as the source for installing the support package

Select Raspberry Pi from a list of support packages
Click Next to see a list of support packages and select Raspberry Pi from the list to install both the support packages at once.

MathWorks Account
Click next and log in to your MathWorks account. If you don't have a MathWorks account, you can create one during the install process or by visiting this page on the MathWorks website.

Continue and Complete the Installation
Accept the license agreement on the next screen and click Next through the following screens to finish the installation of both MATLAB and Simulink Support Package for Raspberry Pi. 

Firmware Update

Click Next and on the Firmware Update page select the appropriate board (for this tutorial, Raspberry Pi 2 Model  B is chosen). 

Configure Network

Click Next and in the configure network screen, select Direct connection to host computer (to follow along with this tutorial). 

Select the drive

In the next window 'Select a drive', the MicroSD cards that are detected by MATLAB will show up in a list format. 

If the MicroSD memory card does not get detected by MATLAB, but is detected by the OS - close MATLAB and restart MATLAB as an administrator. To continue with the process, the targetupdater command can be used in MATLAB. 

Write firmware

In the next window, select write option to erase existing items on the memory card and flash the latest firmware that is needed by the Support package. 

Continue and Complete the Installation
Click Next through the following screens to finish the installation for both MATLAB and Simulink Support Package for Raspberry Pi.