I have been using a Canon XHA1 and other video cameras for a while and when I upgrade to a BMPCC I heard that color grading is absolutely necessary. I was wondering, what exactly color grading is?
I use Adobe Premier CS 6 for most of my video editing. Will this color grade? Or do I need to use DaVinci Resolve.
Sorry if this seems like a basic question, but I want to learn as much as I can on this.

TLDR - What are the basics of color grading?

Thanks for your help. Can't wait to learn!