der Wettbewerb
contest
An event or situation in which several people or groups try to be better than the others in order to win something.
Sie hat den ersten Preis im Fotowettbewerb gewonnen.
She won first prize in the photo contest.

competition / contest
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contest
An event or situation in which several people or groups try to be better than the others in order to win something.
Sie hat den ersten Preis im Fotowettbewerb gewonnen.
She won first prize in the photo contest.

The word is made up of 'Wett-' (from Wette, Wettkampf — bet, competition) and '-bewerb' (from bewerben — to apply). So it describes a situation in which you 'apply' for a victory by taking part in a competition.
Beim jährlichen Schulwettbewerb treten Teams aus allen Klassen gegeneinander an.
At the annual school competition, teams from all classes compete against each other.
When referring to an event, you 'an einem Wettbewerb teilnehmen' (take part in a competition). You can 'win' or 'lose' a competition, and an organization can 'einen Wettbewerb ausschreiben' (officially announce/launch a competition).
Unsere Firma hat an einem internationalen Design-Wettbewerb teilgenommen.
Our company took part in an international design competition.
In the economic sense, people say that companies 'im Wettbewerb stehen' (are in competition) or 'in Wettbewerb treten' (enter into competition). Adjectives like 'hart' (tough), 'fair' (fair), or 'frei' (free) describe the type of competition.
Kleine Läden stehen oft in hartem Wettbewerb mit großen Supermarktketten.
Small shops are often in tough competition with large supermarket chains.
You can recognize the meaning from the context: if it is about sports, art, or an event with prizes, it usually means a concrete contest. If you are talking about companies, markets, and prices, it refers to economic competition.
Der Wettbewerb um die besten Talente ist in der IT-Branche sehr intensiv.
The competition for the best talent is very intense in the IT industry.
fight / struggle
'der Kampf' and 'der Wettbewerb' can both mean that several people or groups want to achieve a goal and that not everyone can win. 'Wettbewerb' sounds more neutral and often more organized, for example in a sports tournament, a school project, or in the market between companies. 'Kampf' emphasizes the effort, pressure, or resistance more strongly. Learners may confuse the words because you can also 'kämpfen' (fight / struggle) in a competition. For organized competition, 'Wettbewerb' usually fits; when the situation seems tough and demanding, 'Kampf' is more accurate.

Beim Wettbewerb für junge Köche gewann Sofia mit einem einfachen Nudelgericht.
In the contest for young chefs, Sofia won with a simple pasta dish.
Der Kampf um die wenigen Ausbildungsplätze war in diesem Jahr sehr schwer.
The struggle for the few apprenticeship positions was very difficult this year.