Are colour palettes important?

Didn't realise how important colours were until we had this lecture all about colour theory, colour palettes and other things about colour. To expand our horizons about colour; our course leader who was running this lecture decided to show his Pinterest page and explain it more in depth.

Afterwards, he introduced us to some sites, focusing on colours on imagery, photography and etc. It included: colourlovers.com, pantone, colour collective, creature comforts and pattern people - all these I visited when I got home and found some really beautiful imagery and intrigued to how any image or photograph has a colour palette. I've not ever looked into colour so much.

Then, for our seminar, we had to take one photograph to do with the brand we got given to look into for our first assessment and take colours out of it to create a colour palette for that certain image or photograph.
My brand was DAKS and if I'm honest, the campaigns weren't too exciting but I managed to create quite a nice colour palette on Photoshop which I thought reflected the brand quite well. Not only were we told to collect colours from the imagery but we had to experiment with the shapes of the colour palette etc.