This compound is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and fine chemicals. Its structure, featuring both ester and ketone functional groups, makes it a versatile building block for constructing complex molecules. It is often employed in the synthesis of heterocyclic compounds, which are essential in the development of drugs targeting neurological and cardiovascular diseases. Additionally, it serves as a precursor in the preparation of agrochemicals, particularly those used as herbicides or insecticides. Its reactivity allows for further functionalization, enabling the creation of diverse chemical entities with potential biological activity.