You can use the macro recorder to provide the VBA formula. Just click in the formula in the formula bar and press enter. Only small adjustment is required to use it. Note the benefit of no looping if large numbers are involved.
'Recorded macto
Sub Macro1()
ActiveCell.FormulaR1C1 = "=IF(RC[-1]=3,1,IF(RC[-1]=4,2,RC[-1]))"
Range("G2").Select
ActiveCell.FormulaR1C1 = "=IF(RC[-1]<=2,""Target Met"",""Target Not Met"")"
Range("G3").Select
End Sub
'Adjusted macro
Sub Test()
Dim r As Range
Set r = Range(Cells(2, 1), Cells(Rows.Count, 1).End(xlUp))
r.Offset(, 5).FormulaR1C1 = "=IF(RC[-1]=3,1,IF(RC[-1]=4,2,RC[-1]))"
r.Offset(, 6).FormulaR1C1 = "=IF(RC[-1]<=2,""Target Met"",""Target Not Met"")"
End Sub