The correct translation is "for outstanding performance".
I think it's either a company discharge medal (but could be school or sports related, too) but not an official, state medal, rather a private commission.
The oak and laurel wreath could is a clue I think strengthens my theory of a private commission, the medal used as a blank for different possible purposes and clients, only the date was struck on the back for this one.
I don't think it's military because there should be at least the word "dienst" (stands for military and/or public, service in Germany) as is on the rather unfortunate (and in my opinion, not even slightly similar) SS-medal posted and a unit or veteran's association would surely be noted...