Defconfig generates a new kernel configuration with the default answer being used for all options. The default values are taken from a file located in the `arch/$ARCH/configs/armada_370_v7up_defconfig` file.
These default configurations are not designed to exactly fit your target but are rather meant to be a superset so you only have to modify them a bit.
The `make armada_370_v7up_defconfig` creates your initial .config, which you can now edit through `make menuconfig` and make your changes. After that, you can run make which will then compile the kernel using your settings.