Error: One or more of the following prerequisites may need to be installed before running this deployment utility - when running the Blackbaud Communications Word Add-in Deployment Utility

The following error is returned when trying to install the Word Add-in Deployment Utility:

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Blackbaud Communications Word Add-in Deployment Utility
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One or more of the following prerequisites may need to be installed before running this deployment utility:  .NET Framework 3.5 SP1 Microsoft Office 2007 Primary Interop Assemblies Visual Studio Tools for the Office System 3.0 Runtime Service Pack 1
We're currently evaluating this issue for a fix in a future patch or service pack.

Steps to Duplicate

1.  Select Blackbaud Communications Word Add-in Deployment Utility from the Utilities page

Environment

 Blackbaud CRM
 3.0

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