Used as an intermediate in the synthesis of pharmaceutical compounds, particularly in the development of selective serotonin reuptake inhibitors (SSRIs) and related central nervous system agents. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for building bioactive molecules. It is also employed in the preparation of herbicides and plant growth regulators due to its ability to mimic or interfere with natural plant hormones. In research, it serves as a building block for heterocyclic compounds with potential biological activity.