Used as a key intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and biologically active compounds. Its strained cyclopropane ring enables unique reactivity in ring-opening and cycloaddition reactions. Commonly employed in the development of fragrances and flavoring agents due to its ester functionality and aromatic character. Also utilized in research settings for studying stereoselective transformations and as a building block in the synthesis of more complex cyclopropane-containing molecules with potential medicinal properties.