Just for your reference, there is a way to configure the CDT build options. I had this same error message (although I did have a make target - just not named "all") and found this solution (for Galileo + CDT):
Right click your project and choose Properties. The Properties dialog will appear and you should see a C/C++ Build option where you can set specific build options. Highlight this item, and the Properties page will appear. Choose the configuration you wish to modify, and then in the section below that you should see 2 tabs: Builder Settings and Behavior. It is the Behavior tab you want. In this section you can set preferences for build settings and workbench settings, including specifying a target name (default is "all") or turning off automatic builds.
This was incredibly helpful to me when I started using the CDT. My source code is separate from the build area, and until I configure, no makefiles exist. When I configured, my default target name is explicitly "default", not "all". It was annoying to have Eclipse report an error in my project before I did anything. Setting up the environment to match my development worked wonders. HTH.