The solution that fixed the issue was using the following steps:
In Start Menu, search for "mysql". Among the results, you should see the "MySQL Installer - Community". Run it. MySQL Installer window will show up as shown below. Find "MySQL Server" under Product and click on "Reconfigure" link. MySQL Installer Community
The MySQL Installer will show up (same one you used for the first MySQL Server installation). Go through all the steps.
After the MySQL Installer was finished, I started the MySQL service again.