Office 2016 Advanced Setup

You can use the Office 2016 Deployment Tool to customize the setup. Edit the Configuration.xml and add new ExcludeApp ID entries for features you don't want to have installed:

<Configuration>
    <Add SourcePath="E:\Office\" OfficeClientEdition="64">
        <Product ID="O365ProPlusRetail">
            <Language ID="en-us" />
            <ExcludeApp ID="Access" />
            <ExcludeApp ID="Excel" />
            <ExcludeApp ID="Groove" />
            <ExcludeApp ID="InfoPath" />
            <ExcludeApp ID="Lync" />
            <ExcludeApp ID="OneNote" />
            <ExcludeApp ID="PowerPoint" />
            <ExcludeApp ID="Project" />
            <ExcludeApp ID="Publisher" />
            <ExcludeApp ID="SharePointDesigner" />
            <ExcludeApp ID="Visio" />
        </Product>
    </Add>
</Configuration>

Now run setup.exe /download configuration.xml to only download the requested features and install the customized office with setup.exe /configure configuration.xml

I was originally going to add this as a comment to the excellent answer from @magicandre1981, however I couldn't get the comment to format in a readable state.

Please up vote the comments from @hennes and @MetroSmurf on that answer because those people found this info first and deserve recognition of that.

Once you download the config tool and build your custom-configuration.xml (I suggest renaming it so you know which config you are installing)

To have it work with the MSDN Media:

1. Make sure your config doesn't have a path set.
2. Ensure your product ID is as follows: <Product ID="ProPlusRetail" PIDKEY="xxxxx-xxxxx-xxxxx-xxxxx-xxxxx">
3. Suggest you also add <Display AcceptEULA="TRUE">
4. Extract the media to a folder (I used Office2016)

5. In Office2016 replace default setup.exe (400KB) with the deployment tool provided setup.exe (4.1MB)

6. Put your custom-configuration.xml in Office2016 as well.

7. From an Administrative command prompt cd to Office2016

8. run setup /configure custom-configfile.xml

9. Profit.