Mark pursued old award (5)
I believe the answer is:
oscar
'award' is the definition.
(Academy Award)
'mark pursued old' is the wordplay.
'mark' becomes 'scar' (mark left by an injury).
'pursued' means one lot of letters go next to another.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'scar' put after 'o' is 'OSCAR'.
(Other definitions for oscar that I've seen before include "-- Wilde, author" , "One close to Mike" , "Develop again" , "Mr Wilde - film award" , "Film acting award" .)