1.
direction, side, way
Indicates a direction, area, or method.
方 (ほう) is used for: 1) Direction or area (北の方 - toward the north), 2) Comparisons (Aの方がBより~ - A is more ~ than B). The comparison pattern is very common: 「Aの方が好き」 (I prefer A), 「こちらの方がいい」 (this one is better).
Note: 方 can also be read かた meaning 'person' (polite) or 'way of doing.'