“Term store management” option is not available if you create your site collection with “Blank Site” template. You need to enable Managed Metadata Service feature using following PowerShell commands:

Enable-SPFeature -id “73EF14B1-13A9-416b-A9B5-ECECA2B0604C” -Url http://myVMSP2010:14888/
Enable-SPFeature -id “7201D6A4-A5D3-49A1-8C19-19C4BAC6E668” -Url http://myVMSP2010:14888/

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