Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of pharmaceuticals and agrochemicals due to the presence of reactive functional groups. The hydroxyl group allows for esterification or ether formation, while the bromine atoms enable cross-coupling reactions such as Suzuki or Heck reactions. The nitro group can be reduced to an amine, facilitating the synthesis of more complex aromatic amines used in dyes and bioactive molecules. Its structural features make it valuable in the development of specialty chemicals requiring multi-step derivatization.