Final answer:
Following the display of the Welcome screen by WINLOGON.EXE, Windows prepares to initialize the user's desktop environment, loading personal settings, and starting up necessary applications and system processes.
Step-by-step explanation:
After the WINLOGON.EXE displays the Windows Welcome screen during the boot process, the next step is the initialization of the user's desktop environment. At this point, Windows loads the personal settings and configures the desktop based on the specific user who is logging in. This involves the execution of userinit.exe, which is responsible for setting up your environment, loading your settings, starting the necessary system processes, and ensuring that the right applications start at login according to the programs in the startup queue.