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English definition of “prize”

prize

noun [C]
 
 
/praɪz/
something such as an amount of money that is given to a person or organization that wins a competition: The promotion, launched on a national breakfast show, involves a competition with a daily prize of $10,000. A new sponsor has been found to put up the prize money. Cash prizes are awarded to winners and runners-up with the Student Journalist of the Year offered a paid summer placement.a $100,000/£70,000, etc. prize More than a dozen young interior designers are fighting for the $150,000 prize.win/get/share a prize Loan sharks sometimes use tactics which include sending letters to home-owners telling them they've won a prize and urging them to get in touch.award/offer/present a prize Each award category offers prizes for small, medium, and large businesses.top/big/major prize Several small businesses in the area are challenging for the top prize in the Entrepreneur Award scheme.first/second/third prize She won first prize in a literary competition and has just had her first book published.a prize for sth The London-based agency has been awarded several prizes for its original and creative advertising campaigns.
something valuable that people want very much to have: The huge export order is an important prize to be won.
(Definition of prize noun from the Cambridge Business English Dictionary © Cambridge University Press)
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