die Auszeichnung
award
A prize, medal, or another form of honor for a special achievement.
Die Wissenschaftlerin erhielt für ihre Forschung eine hohe Auszeichnung.
The scientist received a major award for her research.

award / labeling
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award
A prize, medal, or another form of honor for a special achievement.
Die Wissenschaftlerin erhielt für ihre Forschung eine hohe Auszeichnung.
The scientist received a major award for her research.

The noun 'die Auszeichnung' (award/labeling) is derived from the separable verb 'auszeichnen' (to honor/label). The verb means to honor someone or to mark something with a price.
Die Stadt zeichnete die engagierte Bürgerin für ihre Arbeit aus.
The city honored the dedicated citizen for her work.
In the meaning of 'Ehrung' (honor/award), 'Auszeichnung' (award) is often combined with the verbs 'erhalten' (to receive), 'bekommen' (to get), or 'gewinnen' (to win). An institution can 'verleihen' (bestow/present) an award.
Der Film hat mehrere internationale Auszeichnungen gewonnen.
The film has won several international awards.
This meaning is specific to retail and commerce. You can recognize it from words like 'Ware' (goods), 'Preise' (prices), 'Etiketten' (labels), or 'Regal' (shelf). Here it is about the technical process of labeling.
Die korrekte Auszeichnung der Produkte ist gesetzlich vorgeschrieben.
The correct labeling of the products is required by law.
price / prize
'der Preis' and 'die Auszeichnung' can both refer to an honor for a special achievement. 'der Preis' is often awarded in competitions and can also be something concrete, for example money, a trophy, or a certificate. 'die Auszeichnung' places more emphasis on the honor and recognition. It does not necessarily have to be connected with a material prize. Learners may confuse the words because a 'Preis' can be a form of 'Auszeichnung'. When the prize or competition is the focus, 'Preis' fits. When the recognition is more important, 'Auszeichnung' fits.

Die Fahrerin erhält morgen eine Auszeichnung für ihren mutigen Einsatz.
Tomorrow the driver will receive an award for her brave service.
Heute bekommt das Team einen Preis für die beste Idee.
Today the team is receiving a prize for the best idea.