A meteorologist somewhere brought up the term "bombogenesis" to describe the rapid intensification or deepening of a cyclonic low pressure system. Someone (or more than one) in the mass media heard that term and the description and decided "Hey, we've got a new one... a bomb cyclone!" and nowadays to scare the masses, "a massive bomb cyclone" is used to describe many winter storms to scare the shit out of you and I.

It's just another winter storm with arctic air... sorry... the POLAR VORTEX (another scare tactic) coming further south than it normally would.

You just prepare like you normally would. Make sure you've got snow shovels, full tank of gas for the snow blower, and there's no need to stock up on milk and bread and eggs for a month. If this was a snowstorm that dumped 40" of snow across the entire state, you spend a day or day and a half digging out and life returns to normal. Make sure your vehicle's fuel tank is full or close to it. I've personally had vehicle issues the one time the high temperatures in NJ never went above 32º for what seemed like a month because I had less than a full tank of gas in my car.