It's not really true what thecarp wrote. The main bacteria used are Lactobacillus bulgaricus and Streptococcus thermophilus, but the culture cocktail also contains more strains of lactobacilli and lactococci, as well as Bifidobacterium strains. The different types of yoghurt are produced by different mixtures, and ratios of the involved bacteria, as well as the type of milk used (the animal, low/high fat content).

During fermentation the lactose is fermented to lactic acid and polysaccharides are formed (that's the component that makes the yoghurt slimy and lumpy).
(the reasons for the high temperature during the industrial production process is, that they want to have full control over the bacteria in the milk, and has to have a longer shelf life than your home-made yoghurt.)

Making yoghurt in your kitchen can be done more easily:
just warm the milk to body temperature, add yoghurt (2-3 teaspoons per litre) and pour it into a clean jar, close it, wrap a towel around it and leave it next to the radiator for 3-8 hours. This even works to make soy yoghurt.

Thing is, you can't keep on doing this. After two or three times using you home-made yoghurt as inoculant, the ratio of bacteria has changed, because some of them grow faster than others, hence the taste will be different.