I don't see "Term Store Management" in site collection settings. I checked this blog post http://blog.petergerritsen.nl/2010/06/09/term-store-management-option-missing-in-site-collection-settings/ which suggests to activate a feature which I tried but I still don't see the option. Is that something that I am missing?
If you started with Blank site Template, it will not appear.
Please verify that the link exists for sites created other than blank site template (Team Site, Document Workspace, publishing portal etc). If not, something else needs to done!
Try activating BOTH of the following features:
Enable-SPFeature -id "73EF14B1-13A9-416b-A9B5-ECECA2B0604C" -Url <Site-URL> Enable-SPFeature -id "7201D6A4-A5D3-49A1-8C19-19C4BAC6E668" -Url <Site-URL>
Activating the features as above is normally enough to do the trick.
We came across the problem with a client after spending hours searching the web previously for the BCS, metadat, term store were not working even in the central admin. As a result we'd post here in case this of use as it is related.
hopefully this will save you some time too.
Thanks Kamis Consulting