What is the meaning of competition?

noun

• A business relation in which two parties compete to gain customers.
  • usage: "business competition can be fiendish at times"
• An occasion on which a winner is selected from among two or more contestants.
  • synonyms: contest
• The act of competing as for profit or a prize.
  • usage: "the teams were in fierce contention for first place"
  • synonyms: contention, rivalry
• The contestant you hope to defeat.
  • usage: "he had respect for his rivals"; "he wanted to know what the competition was doing"
  • synonyms: rival, challenger, competitor, contender