Used as an intermediate in the synthesis of pharmaceutical compounds, particularly in the development of anti-inflammatory and analgesic agents. Its structure allows for easy modification in organic reactions, making it valuable in creating ester and amide derivatives for drug research. Also employed in the preparation of herbicidal and plant growth regulatory agents due to its ability to mimic or interfere with natural plant hormones. Commonly utilized in laboratory settings for designing new bioactive molecules through nucleophilic substitution and coupling reactions.