A taxonomy is a hierarchical classification of words, labels, or terms that are organized into groups based on similarities.
You can represent your corporate taxonomy by using managed metadata.
Managed metadata is a hierarchical collection of centrally managed terms that you can define, and then use as attributes for items in Microsoft SharePoint Server 2010.
Taxonomy is the key: Managed Metadata can drive navigation, discovery, relation, and re-usability of content.
Managed Metadata provides a common vocabulary and can connect people to social networks.
Managed Metadata columns promote the consistent use of metadata across sites because they provide users with a list of terms that they can apply to their content.
Taxonomy tags are added by the content creator or author. Most typical blogs will have a tag cloud – this is a good example of a Taxonomy.
Folksonomy tags are added by the consumer or reader (not the content creator). So Flickr keywords – where the user can add their own tags / keywords describing a photo – is a good example of a Folksonomy.
A folksonomy-based approach to metadata can be useful because it taps the knowledge and expertise of site users and content creators and it enables content classification to evolve with the users’ changing business needs and interests.