In a different make tool such as CMake, you can express something like that much more easily.
For instance, you could well do
set(sources ABC.cpp DEF.cpp XYZ.cpp)
ADD_LIBRARY(mylib STATIC ${sources})
add_executable(myExecutable ${sources} main.cpp)
Or, you could repeatedly build the same directory with different flags by including it several times from the directory's logical parent, i.e.
set(MyTweakFlag 2)
add_subdirectory("libDir" "libDir2")
set(MyTweakFlag 3)
add_subdirectory("libDir" "libDir3")
...and then use if()
or whatnot in the child directory to set the right flags.
Particularly if you have many such configurations, using make becomes quite fragile; make won't correctly find the transitive closure of recursive make dependancies (and certainly won't correctly find the dependancy on the makefile itself - if you change flags, say) so if you're going to do complicated makefile magic: do it with a better tool!
(CMake simply happens to be what I replaced make with, but there are various other replacements possible, of course)