Mold
A mold is the pre-cut shape into which a given toy is manufactured. Ever since the very beginning of the Transformers brand, many pairs (or even groups) of toys have been created that are variations on a single mold. (Indeed, even many Diaclone and Microchange toys were available in multiple officially sanctioned color schemes.)
Redecos
In most cases, a mold will be used as the basis for two or more individual toys distinguished mainly by their color schemes, and sometimes also a permanently attached accessory such as an emergency-vehicle light bar. Such toys are called redecos
Retools
In the case of retools, the basic shape of the original mold is used, but with physical changes to certain parts. In extreme but rare cases, a mold will be retooled so thoroughly as to change the toy's transformation mechanics, as happened with Pipes and Dark Crumplezone.
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