A unique monobenzoate useful as a plasticizer or coalescent for polymeric dispersions, including without limitation architectural and other coatings, paints, OEM coatings, special purpose coatings, overprint varnishes, inks, nail polish, floor polishes and the like. The monobenzoate comprises 3-phenyl propyl benzoate, a benzoate ester previously known as a flavoring and fragrance agent, but not previously utilized as a plasticizer or coalescent in polymeric applications. The inventive monobenzoate provides a suitable non-phthalate, lower VOC content alternative plasticizer or coalescent that is compatible with a wide variety of polymers. Depending on the application, the advantages rendered by the use of the inventive monobenzoate include, among other things, excellent solvating properties, viscosity stability, improved rheology, good film formation and comparable or better gloss, hardness, adhesion, water and alkali resistance, scrub and rub resistance, block resistance, color density, dry to touch time, open time, and MFFT, compared with that achieved by traditional plasticizers or coalescents.