The error indicates that you lack Java installation. This can be easily fixed by installing the proper software. Based on the error, I could see that it requires JRE 7 which means you should use the version indicated by the application.
Note: Accept the agreement, then download one of these packages:
Windows x86 Online 0.89 MB jre-7u79-windows-i586-iftw.exe
Windows x86 Offline 28.12 MB jre-7u79-windows-i586.exe
Windows x64 29.78 MB jre-7u79-windows-x64.exe