Satire, as it exists today in the popular arts, is often held in higher regard than parody. Satire exists as a social mechanism; it should be funny, but it should also make one think. Parody, on the other hand, seeks only to poke fun, to take something well-known within a culture and, basically, goof on it.
In the world of film, for example, we have the genre parodies of the Zucker brothers—Airplane!, Top Secret!, The Naked Gun—and their heirs apparent, the Scary Movie franchise and its attendant spin-offs. The humor in these films is generally broad, and it calls upon the viewer’s knowledge of many specific cultural referents, which is something this writer likes to think of as the “humor of recognition”: the viewer catches the reference, says to him or herself, “Oh yeah, I know that song/movie/TV show,” and laughs accordingly. There is not much more to it than that, really, and so parody is often considered easier to achieve and thereby less fulfilling—the sloppier, lazier cousin of satire.