Used primarily as an intermediate in organic synthesis, this compound serves in the production of fragrances and flavoring agents due to its reactive hydroxyl and vinyl groups. Its structure allows for easy modification through reactions like hydrogenation, oxidation, and esterification, making it valuable in creating complex molecules for perfumery. It also finds use in polymer chemistry as a cross-linking agent or monomer in specialty resins where bifunctional monomers are required. Additionally, it can act as a building block in pharmaceutical synthesis, enabling the construction of carbon chains with specific functional group placement.