Bay
Inlet
noun
The kanji and the word are exactly the same. That means they share meanings as well.
That said, it's mostly used as a standalone word meaning "bay" in classical literature. Nowadays, it comes up most in place names, like the port Tagonoura (田子の浦) and the city of Urayasu (浦安市).
This has the same reading as the kanji you learned, meaning you know the reading!
駿河湾西沿岸は田子ノ浦と呼ばれます。
The west coast of Suruga Bay is called Takono Bay.