How to fix ModuleNotFoundError: No module named 'colorama'

ModuleNotFoundError: No module named 'colorama'
Recommended: Install via pip into your active environment.
python -m pip install colorama

Verification

Command
python -c "import colorama; print(colorama.__version__)"
Expected output
Success! colorama version x.y.z (e.g., 2.4.0)