This compound is primarily utilized in organic synthesis as a versatile intermediate for the production of various pharmaceuticals and fine chemicals. Its structure, featuring both ester and ketone functional groups, makes it suitable for reactions such as condensation, reduction, and cyclization. It is often employed in the synthesis of heterocyclic compounds, which are key building blocks in drug development. Additionally, it can be used in the preparation of agrochemicals and materials with specific optical or electronic properties. Its application is particularly valued in the development of compounds with potential biological activity, such as anti-inflammatory or antimicrobial agents.