SharePoint 2010 introduces a new feature called Managed Metadata. In short, this allows you to define groups of terms (term sets) that can take on a range of valid values (terms). These terms can then be used in lists and content type columns to allow users to pick from the list of available terms in the term set. This makes it possible to apply a taxonomy that makes items easier to categorize and search. Introduction to Managed Metadata in SharePoint 2010. When a new term or termset is defined