Effects of the perceived value dimensions on customer loyalty: Evidence from hotel and tourism industries

Abstract

During the conditions of permanent competitive struggle within the tourism market, service organizations constantly need to work on improving their products and services in accordance with the expectations and preferences of their users. Offering the superior value of products and services is gaining more and more importance, thus enabling the achievement of positive financial performance and the creation of competitive advantage. The purpose of this paper is to analyze the effects of four dimensions of perceived value (functional, economic, emotional and social) onto the loyalty of service users in hotel and tourism industries. Two separate studies have been carried out within the paper thus performing the comparative analysis of gained results within the stated areas. In order to test the mentioned effects, a multiple regression analysis has been used, while in order to estimate the concordance and validity of the constructed models the reliability analysis and confirmatory factor analysis have been used. The results of the research show that out of four dimensions of perceived value, two key dimensions (emotional and social) achieve a statistically significant influence onto the loyalty of hotel service users. When it comes to tourism agencies, economic and social value stand out as the key drivers of loyalty. The identification of key dimensions of perceived value on customer loyalty in hotel and tourism management is of essential importance, since based on it, the managers of service companies can upgrade and improve the business cooperation with their users. The originality of this paper can be found in the usage of multidimensional concept of perceived value and in carrying out two separate studies: in the area of hotel and tourism industries, thus securing the comparative analysis of the results.