Ferromagnets are characterized by their ability to retain magnetization and exhibit strong magnetic properties due to the alignment of magnetic dipoles, while paramagnets do not retain magnetization and have randomly oriented dipoles. The distinction lies in the behavior of magnetization; in ferromagnets, the magnetization (M) is significantly larger than the applied magnetic field (H), whereas in paramagnets, M is proportional to H with a positive susceptibility (χ). Not all ferromagnets make good permanent magnets; those with low remanence are considered soft ferromagnets. Understanding these differences is crucial for discussing magnetic hysteresis effectively. A solid grasp of magnetism fundamentals is recommended for presentations on this topic.