The term ‘color correction’ and ‘color grading’ are often referred to the same thing. However, in the industry, they are actually two different processes.
Filmmakers take different role from the director to editor, colorist is the person who is responsible to emphasize the look and feel of the film.
Color correction is done first. The idea is to make the footage looks exactly the way human eye sees things. RAW footage like SLOG2 or SLOG3 tends to be undersaturated so everything needs to balanced out before we head over to the second process called Color Grading.
Color grading is done after the color correction process. This will decide the final look of a scene as well as the aesthetics. This process takes the colour corrected scene into something that may be completely different. For example turning a natural night scene into something that we see in cyberpunk.
Color grading helps in conveying the right visual tone for that particularly scene. For example an emotional scene will have some moody tone or a flashback scene will have a black and white colour grade.