Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. It participates in ring-opening and condensation reactions due to the presence of both ketone and hydroxyl functional groups. Commonly employed in the synthesis of cyclohexene derivatives and heterocyclic compounds. Also finds use in fragrance manufacturing because of its ability to form esters with pleasant odors. Its reactivity makes it valuable in academic research for developing new synthetic pathways.