Abstract
In conditions of intense competition, it is not enough to achieve only customer satisfaction. The marketing-oriented companies must be focused on building long-term customer loyalty. Creation and delivery of superior values are the key activities to achieve and maintain competitive advantage. This study seeks to examine how the different value dimensions of travel agencies' services affect both dimensions of loyalty: the intention of using the same services again and recommending them to others. Primary data were collected through questionnaire method. In the study, descriptive statistics, correlation and multi-point regression were used for data analysis. The results of survey point out two key dimensions of perceived value that achieve a statistically significant effect on loyalty: quality of interaction and value for money. Identification of key dimensions of perceived value as an initiator of loyalty is essential for service-oriented companies, because in this way they increase opportunities for improving business relationships with clients, in the future.