The term saponification is the name given to the chemical reaction that occurs when a vegetable oil or animal fat is mixed with a strong alkali. The products of the reaction are two: soap and glycerin. Water is also present, but it does not enter into the chemical reaction. The water is only a vehicle for the alkali, which is otherwise a dry powder.
The name saponification literally means "soap making". The root word, "sapo", is Latin for soap. The Italian word for soap is sapone.