make connects the libs to the source and creates the required links and sets it up for the final phase it also parses the human readable to machine readable
make install This is the final phase where the compiler will create the binary files and moves all required files / executable and associated libs to thier appropriate directories.
Actually you generally should be able to type just make install (it should require every dependency that just make does), but since that has to be done as root it is usually separated and assumed that you configure and compile as a user, and only install as root