Which one do you prefer?
Please go that direction.
I don’t like the way she laughs.
The kanji and the word are exactly the same. That means they share meanings as well.
Since this word is made up of a single kanji, it should use the kun'yomi reading, but it can be either that or the on'yomi reading, depending on the context. You haven't learned the kun'yomi reading for 方 yet, so there's a mnemonic to help you:
You need to go a certain direction. How do you get there? By jumping into a catapult (かた) and shooting yourself the right way. Need to get a particular direction fast? Consider the catapult next time.