Then you will need to install the Microsoft Visual C++ 2010 Redistributable Package (select the appropriate one for your OS architecture below):
64-bit version:
http://www.microsoft.com/en-us/download/confirmation.aspx?id=14632
32-bit version:
http://www.microsoft.com/en-gb/download/details.aspx?id=5555
After installing that, then re-attempt installing the MySQL ODBC connector, and things should work smoothly.