Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its acetoxy functional groups allow for selective deprotection or further derivatization, making it valuable in multi-step synthesis. Commonly employed in the development of analgesics and anti-inflammatory agents due to its aromatic ketone structure, which can be modified to mimic bioactive molecules. Also utilized in the synthesis of fragrances and dyes where controlled reactivity and stability are required.