Preference, n.
Etymology: [Cf. F. préférence.]
1. The act of Preferring, or the state of being preferred; the setting of one thing before another; precedence; higher estimation; predilection; choice; also, the power or opportunity of choosing; as, to give him his preference. Leave the critics on either side to contend about the preference due to this or that sort of poetry. Dryden. Knowledge of things alone gives a value to our reasonings, and preference of one man's knowledge over another's. Locke.
2. That which is preferred; the object of choice or superior favor; as, which is your preference
Shades of meaning
Fernald has no entry of its own for preference; he lists it under alternative.
Where he writes about it:
A choice, pick, election, or preference is that which suits one best; an alternative is that to which one is restricted; a resource, that to which one is glad to betake oneself. — from alternative