In Colum settings You can choose multiple value field to allow multiple terms in to this column and In Display Format section you can select to display the label or the entire path of the term.
continuation to my previous post Meta Data Management Sharepoint 2010-Part1
And in Term Settings Section select the Color-Term set (which we created earlier) as shown below.
Give a Default Value if you need.
Now add an item in to the Products list
When you type ‘g’ it will give you the suggestions from the Color-TermSet like Gray , Green etc. This field will not allow other values.
Here in this post I have created the terms in the site directly, instead we can import from a csv file or we can write the code to add the termsests.
And this is a small usage of metadata management, there are lot of features we can implement in sharepoint 2010 by managing the data.