Final answer:
Meucci conceived early ideas for the telephone but lacked the funds to patent it, whereas Bell patented the invention and successfully marketed it by forming the National Bell Telephone Company, with Edison later improving upon Bell's telephone design.
Step-by-step explanation:
Antonio Meucci and Alexander Graham Bell differed in their approach to the invention and commercialization of the telephone. Meucci is believed to have developed the early concepts of the telephone but did not have the financial means to secure a patent or develop it further. On the other hand, Alexander Graham Bell, while not the first to invent the concept, was the first to patent the telephone in 1876. Bell then capitalized on his patent by working with financiers and businessmen to create the National Bell Telephone Company, which eventually evolved into AT&T, a major player in the telecommunications industry.
Meanwhile, Western Union, having declined Bell's initial proposal, commissioned Thomas Edison to create an improved version of the telephone. However, due to the potential legal issues with Bell's existing patent, Western Union ultimately sold Edison's design to the Bell Company. Edison's version of the telephone is more akin to the modern version we are familiar with today.