What is the difference between discount and markdown?

Discount fluctuates and it has various types like Frequent shopper discount, senior citizen discount, membership discount. Though discount is being given to the customer, Retailer gets cheaper profit always.

MarkDown is gradual and it is mostly used to sell the old inventory items and any items which retailer feels occupying the space for long time. MarkDown is more applicable for seasonal items, as the necessity decreases when the season is finished. When retailer sells in MarkDown price, it will be a loss but it helps them to bring in new items where they can get some profit.

In Simple layman language,

MarkUP price = Purchased price + profit price

MarkDown price = Purchased price - loss price