Mediant: The mediant is another name for the iii (III) chord. It refers to its position as the third scale degree in relation to the tonic.
Parallel Minor/Major: The iii (III) chord shares tonalities with its parallel minor or major key, making it harmonically related to those keys.
Chromaticism: The iii (III) chord can introduce chromaticism into a progression by altering one note from the diatonic scale, adding color and tension.