Hey Robbie
The flashing reds on the fuselage are anti-collision beacons which signal to ground crew and others that the aircraft is 'operating' and therefore (a) it's unsafe to approach and/or (b) give way. By 'operating', either there is an engine running or the aircraft is moving or about to move (so beacons will be on when an aircraft is being towed).
The white flashing strobe lights on the wingtips and, in many cases, the tail are high intensity lights designed to bring an aircraft to the attention of other pilots, ATC, etc. They're turned on when the aircraft is about to enter the runway environment for takeoff or when crossing an active runway. Some aircraft have double-flashing strobes, or strobes with what appear to be irregular patterns, as this helps to attract more attention.
Hope this helps!