MySQL 5.7 no longer supports Windows Vista nor Server 2008 (nor the 32 bit version of Server 2008 R2). This is the cause of the above error message.
MySQL 5.7 supports Windows 7 and upwards, and Server 2008 R2 (64 bits) and upwards.
Built For Runtime
MySQL 5.7 also now uses the Windows Visual Studio 2013 (VC++ 12.0) run-time, which is not present on some systems and will require installation.
Also for those downloading the “no install” zip package (vs. the msi-installation package) of MySQL 5.7, note that this package no longer contains the expected: