Maceration
Maceration is the phase of winemaking where the grape juice is allowed to steep on the solid parts of the grape, that is the skins and seeds. This is especially where a red wine gets its colour, its flavour and its tannins, because the skins are where the pigments and many of the grape's aromas reside. With red wine, maceration typically takes place during fermentation itself at slightly higher temperatures, and the alcohol that forms helps draw colour and substance out of the skins.
Maceration matters for what you see, smell and taste. The longer the juice stays in contact with the skins, the darker and more tannic the wine becomes, while a short maceration gives a lighter, softer and more fruity style. Light red wines can be separated from the skins after just a few days, while full-bodied wines meant for ageing can be macerated for two to three weeks. White wine is traditionally made with minimal skin contact, but a short maceration of a day or two can lend extra aroma and character.
A common misunderstanding is that maceration is the same thing as fermentation. They are two things that often happen at the same time, but maceration is specifically about the extraction from skins and seeds. One particular variant is macération carbonique, where whole grapes sit in carbon dioxide and produce light wines with soft fruit and a characteristic pear-drop aroma.