Folding Fan
noun
The kanji and the word are exactly the same. That means they share meanings as well.
The reading is different from the one you learned with the kanji, so here's a mnemonic for you:
You're most likely to need a folding fan in Auggie (おうぎ), AKA August, since that's usually when it's hottest in a lot of places. Just keep in mind that a folding fan = Auggie accessory, and hopefully the おうぎ reading will stick to you (just like the August humidity… unless you have an 扇 on hand.)
あの、紫色の扇をもったご婦人は一体どなたですか。
Who on earth is the lady holding the violet folding fan?