This error happens on Windows PCs that do not have all the latest updates installed.
The most simple fix is to run Windows Update (Windows 7 or 8) or "Security and Updates" in Windows 10, requesting all the updates to be installed.

So, the steps to correct the error are:

  1. Install all pending Windows Updates
    Go to Start – Control Panel – Windows Update
    Check for updates and install all pending updates, then restart the computer.
    After the restart repeat the steps above again until no more updates are available.

  2. Download the Visual C++ Redistributable 2015
    For Windows 64-bit
    Visual C++ Redistributable for Visual Studio 2015 (64-bit)
    For Windows 32-bit
    Visual C++ Redistributable for Visual Studio 2015 (32-bit)

  3. Run the vcredist_x64.exe (64-bit) or vcredist_x86.exe (32-bit) and select Uninstall if already installed
  4. Run the .exe again and select Install and restart the computer

If you want to have more information, here is an article on the Microsoft Knowledge Base: