Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of pharmaceuticals and functional materials. Its structure allows for further chemical modifications, making it valuable in the development of dyes, polymers, and specialty chemicals. The presence of hydroxyl and methoxy groups enables participation in esterification, etherification, and cross-coupling reactions, which are common in the design of complex molecules. It is also explored in research settings for creating conjugated systems and building blocks in medicinal chemistry.