I need to apply Taxonomy in my company SharePoint 2010 Foundation environment. But since Taxonomy or Manage Metadata Service is not available in SharePoint Foundation. What option do I have.
You cannot completely match the broad feature set of Managed Metadata but you can accomplish a subset of it using the techniques that existed before Managed Metadata was introduced:
Define Taxonomic Metadata – Create custom site lists to be used for the management of metadata attributes you want to surface as controlled vocabularies for your site users.
Define Site Columns – Create new site columns that get their information from the custom lists created above via lookup fields.
Define Content Types – Create new site content types and add the appropriate site columns as required.