means A comic imitation of a work, style, or person that exaggerates its features to mock or amuse.

from From Greek 'parōidia' — 'para-' meaning 'beside' or 'counter to,' plus 'ōidē,' a song or ode (the same root that gives us 'melody' and 'rhapsody'). So a parody was literally a 'counter-song,' sung alongside the original to twist it. It traveled through Latin into English around the late 16th century, and the 'beside-the-song' sense still fits: a parody marches right next to its target, mimicking the tune while changing the words.