Page Layout and Record Types 

Page Layout:

Page Layout is a organisation of fields, custom links, and related lists on Object detail page, From page layout we can see which fields links and related list a user will see and also decide which field should be read only and required. Page layout also provides us to create new page sections.

Record Types:

Record Type allow us to associate different business processes and subset of pick-list value to different users based on their user profile. Record type can be used to decide what page layout user will see while viewing the records based on their user profile. We can tailors our user interaction according to business specific needs.