Four differences between parody and satire?

People often use parody and satire interchangeably, but they aren't synonymous.

1. Parody is typically aimed at a specific target

2.   Parody uses caricature

A parody exaggerates commonly recognisable traits or features. It creates a visual or verbal caricature that its audience should immediately recognise. 

An impressionist might do this by taking a real or imagined catchphrase, for example, the pound in your pocket, associated with British Prime Minister Harold Wilson. A good parody requires accurate imitation of detail.

3.  Satire is more broadly ideological.

Satire assumes an intention or purpose: to make a political point or expose a perceived failing. Jonathan Swift's Gulliver's Travels targeted various (long-forgotten) political figures but has endured because its broader themes are universal.

4. Parody can be a form of tribute

A parody relies on audience recognition to work effectively. Many parodies are essentially affectionate, or ambivalent, rather than hostile. 

Some parodies involve collaboration with their target. George Harrison actively participated in producing The Rutles, a 'mockumentary' about a rock group clearly based on The Beatles.