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All Journal Jurnal Riset Akuntansi Aksioma Jurnal Manajemen Bisnis Eka Prasetya Devotion: Journal of Research and Community Service Co-Value : Jurnal Ekonomi, Koperasi & Kewirausahaan Journal Research of Social Science, Economics, and Management Cerdika: Jurnal Ilmiah Indonesia Eduvest - Journal of Universal Studies
Jerry Heikal
Universitas Bakrie, Indonesia
Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Neuroscience Public Health Social Sciences

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Pengaruh Perceived Usefulness Dan Perceived Ease Of Use Terhadap Kepercayaan Nasabah Dan Implikasinya Terhadap Loyalitas Nasabah Aries Stephanie Irawan; Jerry Heikal
Co-Value Jurnal Ekonomi Koperasi dan kewirausahaan Vol. 14 No. 10 (2024): Co-Value: Jurnal Ekonomi, Koperasi & Kewirausahaan
Publisher : Program Studi Manajemen Institut Manajemen Koperasi Indonesia Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Penelitian ini bertujuan untuk menguji pengaruh Perceived Usefulness dan Perceived Ease of Use terhadap kepercayaan Nasabah dan implikasinya terhadap loyalitas nasabah pengguna mobile banking di industri perbankan. Data responden kuesioner diperoleh dari nasabah Bank Mandiri pengguna aplikasi livin’ Bank Mandiri, nasabah Bank Jago pengguna aplikasi Jago, nasabah Bank BTPN pengguna aplikasi Jenius, nasabah Bank CIMB Niaga pengguna aplikasi Octo Mobile, nasabah Bank DBSI pengguna aplikasi Digibank dan pengguna aplikasi mobile banking lain. Penyebaran kuesioner secara online menggunakan “Qualtric” terhadap 192 responden. Hipotesis terhadap 5 hipotesis menggunakan analisis SEM PLS dengan SmartPLS 3. Pengujian terdiri dari Outer Model yaitu Uji Convergent Validity, Uji Discriminant Validity, Uji Average Variance Extracted (AVE), Uji Composite Realibility, Uji Cronbach Alpha dan Inner Model yaitu Bootstrapping. Hasil Pengujian menunjukan bahwa H1: Perceived Usefulness berpengaruh positif dan tidak signifikan terhadap Loyalitas Nasabah. H2: Perceived Ease of Use berpengaruh positif dan signifikan terhadap Loyalitas Nasabah. H3: Perceived Usefulness berpengaruh positif dan signifikan terhadap Kepercayaan Nasabah. H4: Perceived Ease of Use berpengaruh positif dan signifikan terhadap Kepercayaan Nasabah. H5: Kepercayaan Nasabah berpengaruh positif dan signifikan terhadap Loyalitas Nasabah. Penelitian ini diharapkan dapat memberikan masukan kepada perbankan untuk meningkatkan loyalitas Nasabah dan dapat memberikan manfaat yang baik bagi penelitian selanjutnya.
K-Means Clustering Segmentation Model Using SPSS: A Case Study at Komuka Cafe Customers Agus Sugiono; Tika Aldyah; Milastri Muzakkar; Jerry Heikal
Jurnal Manajemen Bisnis Eka Prasetya Vol 10 No 1: Edisi Maret 2024
Publisher : LPPM STIE EKA PRASETYA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47663/jmbep.v10i1.368

Abstract

Post pandemic has led to a significant and rapid increase in the growth of the cafe business. Every year, many new cafes emerge with different and unique concepts, intensifying competition in the cafe industry and necessitating continuous innovation for cafe entrepreneurs. Previously, Komuka has always highly recommended Google Reviews to prospective customers. This has caused Komuka's market share to stagnate and not experience meaningful growth. This research aims to enhance the marketing strategy of Komuka Cafe by applying K-Means cluster analysis for customer segmentation. Through data collection from Komuka's Cafe customers and klaster analysis using SPSS, the study identifies three main customer klasters: Single Employee, Married Employee, and Single Student. The detailed marketing strategy focuses on the Single Employee group because this cluster has the lowest assessment of Komuka Cafe. In this research, the author uses the Marketing Mix model 6Ps as a framework analysis to make strategy suggestions that need to be maintained and developed including Product, Place, Promotion, People, Process, and Physical Evidence. This research provides the preferences and behavior of Single Employee groups, Komuka Cafe can improve its 6Ps marketing strategy to increase competitive advantage, customer satisfaction and loyalty, as well as increase the revenue.
Impact of Liquidity and Leverage on Profitability and Firm Value: Evidence from Oil and Gas Sector on the Indonesia Stock Exchange 2024 Using SEM-PLS Yulianik yulianik; Bilal Saratoga; Sony Wijaya; Jerry Heikal
Cerdika: Jurnal Ilmiah Indonesia Vol. 6 No. 5 (2026): Cerdika: Jurnal Ilmiah Indonesia
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/cerdika.v6i5.3477

Abstract

This study examines the impact of liquidity and leverage on profitability and firm value in oil and gas companies listed on the Indonesia Stock Exchange in 2024. The oil and gas sector plays a strategic role in Indonesia’s economy, yet it faces high financial risk due to fluctuating global oil prices, intensive capital requirements, and unstable market conditions. Therefore, understanding the relationship between liquidity, leverage, profitability, and firm value becomes important for investors and corporate management in making financial decisions. The purpose of this study is to analyse the direct and indirect effects of liquidity and leverage on profitability and firm value using profitability as an intervening variable. This research applied a quantitative causal-comparative approach using secondary data obtained from annual financial reports of oil and gas companies listed on the Indonesia Stock Exchange. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The findings indicate that liquidity has a positive and significant effect on profitability, showing that companies with stronger liquidity are more capable of generating profits efficiently. In contrast, profitability has a negative and significant effect on firm value, indicating that increased profitability does not always improve market valuation. These findings suggest that investor perceptions, financial policies, and market conditions may influence firm value more strongly than profitability alone. The study concludes that financial performance and market valuation are not always directly aligned in the oil and gas sector
Analysis of the Effects of Digital Image Recognition, Quality, SOP Compliance, and Soil Control on the Enhancement of Oil Palm Yield (Tons/Ha) and CPO Output Per Hectare Using Structural Equation Modeling – Partial Least Squares (SEM-PLS) Tri Widyanto; Andhre Filsen N; Yordhi Rachmatdian; Jerry Heikal
Cerdika: Jurnal Ilmiah Indonesia Vol. 6 No. 5 (2026): Cerdika: Jurnal Ilmiah Indonesia
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/cerdika.v6i5.3480

Abstract

This study investigates the factors influencing oil palm productivity and Crude Palm Oil (CPO) output per hectare through the integration of digital image recognition mitigation systems, operational quality, SOP compliance, and soil control management. The increasing demand for palm oil, combined with limitations on plantation expansion, requires plantation companies to optimize productivity through intensification and efficient operational management. Therefore, this research aims to analyze the direct and indirect effects of mitigation practices, operational quality, SOP compliance, and soil control on yield and CPO/ha production at PT XYZ. The study employed a quantitative approach using secondary data collected from 67 plantation areas during the 2024–2025 period. Data analysis was conducted using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4.0 software. The findings indicate that SOP compliance has a significant positive effect on yield (? = 0.464; p = 0.000) and indirectly affects CPO/ha through yield mediation. Yield also demonstrated the strongest direct influence on CPO/ha (? = 0.713; p = 0.000). Operational quality showed a moderate positive relationship with yield, while digital image recognition mitigation and soil control did not exhibit statistically significant direct effects. The study concludes that improving SOP compliance, harvesting quality, and operational discipline are essential strategies for enhancing oil palm productivity and increasing CPO output per hectare sustainably.
Reader Segmentation on Top 5 Online News Media in Indonesia Using K-Means Clustering Algorithm Tyas Cahya Larasati; Jerry Heikal
Devotion : Journal of Research and Community Service Vol. 7 No. 6 (2026): Devotion: Journal of Community Research
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/devotion.v7i6.25708

Abstract

The rapid growth of digital news consumption in Indonesia has not been matched by accurate audience mapping, leading to suboptimal content personalization and monetization. This research aims to identify reader segmentation across the top five online news media outlets in Indonesia  Detik.com, Kompas.com, Tribunnews.com, CNN Indonesia, and TVOneNews.com  in order to formulate appropriate Online Value Proposition (OVP) strategies. Using a quantitative approach with K-Means Clustering algorithm on behavioral data from 100 respondents, the optimal number of clusters was determined using the Elbow method. Research variables encompass demographics, content preferences, access frequency, reading duration, and device usage. Three primary clusters were identified: Cluster 1 (Working Women Entertainment Reader) dominated by established professional women favoring entertainment video content; Cluster 2 (Executive Millennial National News Interest) male professional "heavy readers" accessing news over 20 times per day; and Cluster 3 (The Lifestyle Trend-Seeker) Gen Z active TikTok users preferring lifestyle content. Cluster 2 provides the greatest economic potential via traffic volume, while Cluster 1 offers economic stability through household purchasing power. Media outlets are recommended to adopt differentiated OVPs including rapid news summary features (News Bites) for professionals and aesthetic visual content for the younger generation.
Shared Value and Pain Value of Consumers Towards The Purchase of Bango Sweet Soy Sauce Using Ethnographic Methods (Case Study of Berkah Azzahra Shop) Era Pamadia; Syarifudin Syarifudin; Jerry Heikal
Eduvest - Journal of Universal Studies Vol. 5 No. 5 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i5.51169

Abstract

In the increasingly competitive soy sauce market, consumer loyalty and satisfaction are challenged by product quality, packaging issues, and corporate social responsibility. Despite Bango sweet soy sauce’s strong brand presence, limited research has analyzed consumers’ shared values and pain through an ethnographic lens. This study aims to explore how Bango creates shared value and addresses consumer pain points during purchase experiences. Using a realistic ethnographic method, the study involved participant observation and in-depth interviews with five consumers at the Berkah Azzahra store. Findings reveal that shared value is driven by Bango’s commitment to empowering local soybean farmers, promoting environmental sustainability, and fostering emotional brand connections. Meanwhile, pain value is associated with packaging issues, particularly leaky plastic packaging that affects product hygiene and consumer convenience. These insights highlight the importance of maintaining product authenticity while addressing practical consumer concerns. The study implies that continuous improvements in packaging, alongside strengthened CSR programs, can enhance consumer trust and loyalty. For companies like Unilever, this research offers a strategic foundation to refine marketing and product development initiatives based on real consumer experiences.
Segmentation of Construction Companies Based on Financial Performance Indicators for Acquisition Using K-Means Anindyarta Adi Wardhana; Sarah Mulyani; Raras Herry K; Jerry Heikal
Journal Research of Social Science, Economics, and Management Vol. 5 No. 8 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i8.1347

Abstract

The acquisition process in the construction industry requires careful evaluation of potential targets, particularly regarding financial performance. Data-driven segmentation has become a strategic method to group companies based on financial characteristics, enabling objective acquisition decisions. This study applies the K-Means Clustering algorithm to segment construction companies using key financial indicators, including P/E ratio, Price-to-Book Value (Price to BV), D/E ratio, ROA, ROE, and NPM. Secondary data from financial statements of construction companies listed on the Indonesia Stock Exchange (IDX) during 2023–2024 were analyzed. Five clusters were identified, reflecting varying levels of financial performance and risk. Among the 23 companies studied, 18 experienced a decline in performance. Notably, PT Totalindo Eka Persada Tbk showed the most significant decline, with a high D/E ratio and negative NPM, suggesting it as a potential acquisition target at a lower price. Post-acquisition, financial and operational restructuring, governance improvements, project diversification, and cost-efficiency measures are recommended. Each cluster presents distinct characteristics relevant for acquisition strategy; for example, high-profitability but low-solvency clusters may attract high-risk investors. This study demonstrates how data mining techniques support corporate due diligence and strategic decision-making, offering a structured approach to identify companies with differing financial strengths and weaknesses. The findings contribute to advancing quantitative approaches in acquisition planning, highlighting how clustering techniques can enhance objective evaluation and strategic alignment in mergers and acquisitions.
The Effect of Quality, Quantity, Continuity, and Service of Sistem Penyediaan Air Minum (SPAM)/Drinking Water Supply System (DWSS) Products on Customer Satisfaction and Its Impact on Piped Water Absorption Using SEM-PLS Methods Sarah Mulyani; Raras Herry K; Jerry Heikal
Journal Research of Social Science, Economics, and Management Vol. 5 No. 8 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i8.1348

Abstract

This study is intended to analyze the influence of quality, quantity, continuity, and service of Sistem Penyediaan Air Minum (SPAM)/Drinking Water Supply System (DWSS) products on customer satisfaction, which has an impact on the amount of piped water absorption. This study uses a quantitative approach with a survey method and Structural Equation Modeling–Partial Least Squares (SEM-PLS). Data were obtained through the distribution of questionnaires by the company’s QHSE Bureau to SPAM/DWSS customers, namely Perusahaan Daerah Air Minum (PDAM)/Drinking Water Regional Enterprise (DWRE). The respondents are PDAM/DWRE entities that have become partners of the company and cooperate in operating the water supply business. The variables studied include water quality (color, taste, odor, and pH), quantity (water capacity fulfillment and distribution), continuity (the ability to provide water at the required capacity and maintain its distribution processes), and service (ease of communication and responsiveness to the instructions given). The results of the study show that the X1 variable of product quality has a positive and significant influence on customer satisfaction, which also has a significant effect on the amount of piped water absorption. Product quality is the most dominant factor influencing satisfaction, and it increases the amount of piped water absorption. This indicates that customer considerations in SPAM/DWSS services are not only related to the quantity of water received and the consistency of distribution but also to the quality of the water consumed.
Customer Segmentation in B2B Professional Services Using RFM Analysis and Ethnographic Insights: Evidence from a 15-Year Longitudinal Study Imam Arie Mulyanto; Jerry Heikal
Journal Research of Social Science, Economics, and Management Vol. 5 No. 8 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i8.1349

Abstract

The professional services industry, particularly infrastructure and environmental management consulting, faces increasingly complex challenges in managing long-term business-to-business (B2B) customer relationships. This study employed a mixed-methods approach with a sequential explanatory design. In the initial stage, quantitative analysis was conducted using the Recency, Frequency, and Monetary (RFM) method based on historical transaction data from 150 clients over a fifteen-year period at PT Infratama Yakti, a professional consulting firm. Customer data processing and segmentation were performed using SPSS statistical software to identify distinct behavioral segments, resulting in the consolidation of 27 initial segments into six segment groups. In the subsequent stage, an ethnographic approach was applied to interpret relational dynamics and identify pain points associated with each customer segment. The findings indicate that only a small proportion of clients are classified as strategic key clients; however, this segment contributes the highest economic value and relationship stability. Turn-away clients were identified as the primary focus group, as they fall into the latent churn category, characterized by declining relationship recency despite a history of significant value contribution. Accordingly, the required tactical approach involves issue-based communication or engagement centered on specific challenges relevant to the client’s current condition. Through this approach, weakened relationships can be restored before evolving into permanent churn.
Customer Segmentation Based on RFM Analysis as the Basis of Marketing Strategy: A Case Study of Ultra Fiber Optic (UFO) Internet Customers of PT Ultra Mandiri Telekomunikasi in Jabodetabek Dolis Setiawan; Jerry Heikal
Journal Research of Social Science, Economics, and Management Vol. 5 No. 8 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i8.1353

Abstract

Abstract. The Internet Service Provider (ISP) industry in the Jabodetabek region has entered a critical red ocean phase, characterized by hyper-competition, aggressive price wars, and market saturation, with over 1,000 active providers. PT Ultra Mandiri Telekomunikasi (PT UMT), traditionally a B2B infrastructure company, faces significant challenges in its strategic diversification into the B2C retail market through its brand, Ultra Fiber Optic (UFO). To address high churn rates and inefficient mass marketing, this study aims to develop a precision segmentation strategy using a Mixed-Method Sequential Explanatory design. This approach integrates quantitative RFM (Recency, Frequency, Monetary) analysis with qualitative ethnographic research to formulate a targeted marketing strategy. Using a validated dataset of 629 customer transaction records from January 2023 to December 2024, the study applies a 3-point tertile scoring system to categorize customers into 10 distinct segments. The findings identify critical segments such as Sultan Internet (Champions 27 customers with perfect RFM scores of 333) and Juragan Kuota (Loyal Customers). Crucially, the analysis reveals a significant at-risk segment comprising high-value customers who have ceased transacting. Ethnographic analysis further reveals that high-value segments prioritize network stability characterized as fear of disconnection over price, whereas loyal segments place greater value on administrative simplicity. By integrating these insights, the research formulates a tailored Online Value Proposition (OVP) for each segment. 
Co-Authors Agus Sugiono Andhre Filsen N Anindyarta Adi Wardhana Aries Stephanie Irawan Bilal Saratoga Dolis Setiawan Era Pamadia Imam Arie Mulyanto Milastri Muzakkar Raras Herry K Sarah Mulyani Sony Wijaya Syarifudin Syarifudin Tika Aldyah Tri Widyanto Tyas Cahya Larasati Yordhi Rachmatdian Yulianik yulianik Yuni Kurniawati