This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmacologically active molecules. Its structure is particularly valuable in the development of herbicides and plant growth regulators, as it mimics natural plant hormones and can influence plant physiology. Additionally, it is employed in the synthesis of heterocyclic compounds, which are crucial in medicinal chemistry for creating drugs with potential anti-inflammatory, antimicrobial, and anticancer properties. Its versatility in chemical reactions makes it a valuable building block for researchers aiming to design novel compounds with specific biological activities.