This compound is primarily utilized in organic synthesis, particularly as an intermediate in the production of more complex chemical structures. Its structure, featuring a benzyloxy group and an allylic alcohol moiety, makes it valuable for constructing pharmacologically active molecules. It is often employed in the development of drugs targeting various therapeutic areas, including anti-inflammatory and anticancer agents. Additionally, it serves as a key building block in the synthesis of fine chemicals and specialty materials, where its reactivity allows for further functionalization. Its application extends to research laboratories for studying reaction mechanisms and developing novel synthetic pathways.