Record types offers us different business processes, pick list values, and page layouts with respect to different users.
Creating a Record Type
Records can be created for Standard and Custom Objects
Standard Object: Setup > Customize > Select Any Object > Record Types > New
Enter the details
Existing Record Type: Choose Master from the Existing Record Type drop-down list to copy all available picklist values, or choose an existing record type to clone its picklist values.
Record Type Label: Premier Account
Record Type Name: Premier_Account (Auto Populates)
Active: Check to make the record type active for use.
Select the profile for which you want to give record type access.
Assign page layouts:
Assign page layout for this record type that will display for the users with respect to profiles.
Apply one layout to all profiles: To apply a single page layout for all profiles
If Apply one layout to all profiles is selected
Apply a different layout for each profile: To apply different page layouts based on user profiles
If Apply a different layout for each profile is selected
Record Type created with pick list values.
Custom Object: Setup > Create > Record Types > Continue > New Custom Report Type
In spring 15 release record types was added for Assets Object.