An error occurred while using the BCP utility

If you are installing Microsoft Dynamics GP on Windows Vista, you may run into this error after starting GP Utilities:

An error occurred while using the BCP utility--data was not correctly copied to the server. Please verify your ODBC settings and that BCP has been correctly installed. Microsoft Dynamics GP Utilities will now exit.

It took quite a while, but I finally got this resolved. The solution is simple: run GP Utilities as Administrator.