Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. It serves as a building block in the preparation of more complex molecules due to the presence of both methoxy and acetyl functional groups. Commonly employed in the development of fragrances and flavoring agents because of its aromatic characteristics. Also utilized in research settings for the synthesis of psychoactive substances, including certain substituted amphetamines, making it a compound of interest in both legitimate chemical research and regulatory monitoring.