A taxonomy is a controlled vocabulary used to identify, describe, organize, and relate terms and anticipate user needs and behavior. It establishes common meanings and uses of terms through a nomenclature determined by subject experts. A taxonomy execution involves defining terms and relationships through tools like dictionaries, thesauruses, and metadata to drive business activities like identifying, describing, organizing, relating, anticipating needs, searching, filtering, navigating, and taking action. Examples of taxonomies include Yahoo's directory, online shopping catalogs and facets, and well-constructed websites' menus and hierarchies.