Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its structure allows for further functionalization, making it valuable in constructing complex molecules. Commonly employed in the development of active pharmaceutical ingredients where a phenyl-substituted ester moiety is required. Also utilized in the synthesis of fragrances and flavoring agents due to its aromatic and ester characteristics. Serves as a building block in asymmetric synthesis, especially in routes involving chiral centers adjacent to carbonyl groups.