Widely used in organic synthesis, particularly as an intermediate in the production of pharmaceuticals and fine chemicals. Its structure contains both ester and ketone functional groups, making it a versatile building block for ring-forming reactions and carbon-chain extensions. Commonly employed in the synthesis of prostaglandins and other biologically active molecules due to its ability to form five-membered rings. Also utilized in the preparation of fragrances and flavoring agents, where it contributes to fruity and floral notes. Its reactivity allows for easy modification through alkylation, reduction, or condensation reactions, which is valuable in multi-step synthetic pathways.