Set value for TaxonomyWebTaggingControl control

setTaxonomyControlObjectValue.js

//Set Taxonomy ControlObject value
//webTaggingId - TaxonomyWebTaggingControl ID 
//termValue - represents a single value held in a TaxonomyField object using the following format: NameOfTerm|GUIDOfTerm 
function setTaxonomyControlObjectValue(webTaggingId, termValue) {
    var webTaggingCtl = $get(webTaggingId);
    var taxCtlObj = new Microsoft.SharePoint.Taxonomy.ControlObject(webTaggingCtl);
    taxCtlObj.enableControl(true);
    taxCtlObj.setRawText(termValue);
    taxCtlObj.retrieveTerms();
}