Ilija Stojanović | Faculty of Political Sciences Belgrade (original) (raw)

Papers by Ilija Stojanović

Engineering Applications of Artificial Intelligence, May 1, 2023

DOAJ (DOAJ: Directory of Open Access Journals), Dec 1, 2022

Journal of Decision Analytics and Intelligent Computing

Understanding the level of economic freedom is an important indicator for investors and policymak... more Understanding the level of economic freedom is an important indicator for investors and policymakers. The index of economic freedom, which the Heritage Foundation releases annually, is the most significant of the methods used to measure this indicator in practice, as this index evaluates the degree of market openness over the degree of fiscal and regulatory restraint. The research presented in this paper was conducted in order to establish the level of economic freedom in the Balkan countries. For this purpose, a multi-criteria ranking of Balkan countries based on economic freedom criteria was used. The weight of the criteria was determined using the Entropy method, and the countries were ranked using the CRADIS (Compromise Ranking of Alternatives from Distance to ideal Solution) method. These methods employed a double normalisation approach, and according to the results of this application, Bulgaria has the best indicators of economic freedom, while Montenegro has the worst, with s...

Sustainability

This study deals with the selection of a sustainable supplier on the example of the agribusiness ... more This study deals with the selection of a sustainable supplier on the example of the agribusiness company Mamex from Bosnia and Herzegovina. The main problem of this research is the selection of a sustainable supplier as a part of the sustainable strategy of the Mamex company. One of the prerequisites is that suppliers must present sustainability principles in business by having an appropriate certificate. The results of the selection of sustainable suppliers are completed using a new hybrid fuzzy approach with the methods IMF SWARA (Improved Fuzzy Stepwise Weight Assessment Ratio Analysis) and fuzzy TRUST (multi-normalization multi-distance assessment) CRADIS (compromise ranking of alternatives from distance to ideal solution) methods. The innovative approach is reflected in the use of a combination of these methods, especially by combining the TRUST and CRADIS methods into one method. The IMF SWARA method shows that the most important main criterion is the economic criterion, while...

Journal of Intelligent Management Decision

The way agri-food companies conduct business has changed as a result of changes in the market. Th... more The way agri-food companies conduct business has changed as a result of changes in the market. These companies must start working in a more environmentally friendly manner. This study aims to examine, assess, and compare how various fuzzy methodologies are applied in green supplier selection (GSS), using an agri-food industry as an example. The company Biljana Brko, which engages in GSS, was observed in this study. The selection aids in the acquisition of raw materials and materials whose environmental impact will be minimized. Ecological and economic factors were taken into consideration when choosing green suppliers. Experts who assessed the weight of the criteria and the suppliers with linguistic values were chosen to carry out this selection. In order to do this, a fuzzy set that effectively applies these linguistic values was employed. The fuzzy SWARA (FSWARA) approach was utilized to calculate the weights of the criteria, revealing that the criterion of Environmental Managemen...

ECONOMICS

Innovation is crucial for the competitiveness of countries in the global market. Countries orient... more Innovation is crucial for the competitiveness of countries in the global market. Countries oriented to progress must invest in innovative activities. Using the example of the Western Balkan countries, this study investigated their innovative competitiveness. The indicators of the Global Innovation Index (GII) were used for the years 2019, 2020, and 2021. A multi-criteria approach was based on the innovative SMART approach. The weights of the criteria were determined using the CRITIC (criteria importance through intercriteria correlation) method, while the CRADIS (compromise ranking of alternatives from distance to ideal solution) method ranked the Western Balkan countries according to their innovative characteristics. The results showed that Montenegro had the best innovation indicators, followed by Serbia, while Albania had the worst indicators. This research showed an innovative approach of using four normalizations, and the advantages of these normalizations were used to contribu...

Environment, Development and Sustainability, Jul 14, 2022

Sustainability

To achieve the highest possible agricultural production, it is necessary to procure the appropria... more To achieve the highest possible agricultural production, it is necessary to procure the appropriate agricultural machinery. A tractor is the most useful machine in agriculture that performs various functions. Therefore, the selection of a tractor is one of the key decisions in the agriculture-production process. This study aims to evaluate heavy tractors for agricultural production in Bosnia and Herzegovina. Since this is a selection between different tractors, which are evaluated using several criteria, the methods of multi-criteria analysis (MCDA) were used in this study. Five different methods were used to determine the weight of the criteria, of which a modified standard-deviation method is a new method used in practice, while the tractor ranking was performed using the CRADIS (compromise ranking of alternatives from distance to ideal solution) method. The results showed that the best-ranked tractor is A4, while the most deviations from the ranking occur when the entropy method ...

South Eastern European Journal of Communication

The aim of this study is to show how effective communication supports the organization and has a ... more The aim of this study is to show how effective communication supports the organization and has a positive impact on the outcome of any business. Study shows that the technology of organization develops employees communication and interpersonal skills. There is no success in the business without investing in communication development. In order to enhance their business, firms must learn effective communication in order to communicate effectively with them. There are different types of communication activity, starting from manager to staff etc. Research shows that the main obstacle in the organization is misusing communication skills in the proper way. In order to escape the problems in the organization leaders should be able to find a proper way to communicate effectively inside an organization. Today, there is a new wave of globalization and different types of virtual communication become very popular making institutional communication very fast and effective. Having in mind all thi...

Every organization needs to invest in order for it to grow, and investments are made through proj... more Every organization needs to invest in order for it to grow, and investments are made through projects. Thus, investment management is performed by applying project management techniques. Different project management software programs are used to manage multiple projects. There is a lot of project management software on the market, and four pieces of the software were selected and analyzed. In this paper, the best management software rated by the beneficiaries of these projects in the United Arab Emirates are explored. The research required for this study was conducted in the United Arab Emirates. The MARCOS method was used to evaluate the program. The results showed that Smartsheet had been rated the best by users. This paper provides an overview of how multicriteria analysis methods can be used when ranking project management programs.

International Journal of Project Organisation and Management, 2021

Tourism, 2021

Many scholars perceive price competitiveness as a highly relevant element of tourism competitiven... more Many scholars perceive price competitiveness as a highly relevant element of tourism competitiveness in improving tourism performance. We focused our research interest specifically to understand whether price competitiveness is an important policy instrument in attracting international tourists and their spending. Our empirical study focused on how price competitiveness behaves as a predictor of tourism performance in different economic conditions and whether price competitiveness is a significant cause of tourism competitiveness in improving tourism performance. For that purpose, we conducted empirical analysis within two stages: moderation analysis to understand how price competitiveness influences tourism performance from the point of view of inbound international tourism and how this relationship behaves in different economic conditions; and mediation analysis to understand whether price competitiveness is relevant cause for tourist competitiveness in improving tourism performan...

Sustainability, 2021

Tourism is an economic activity with great contribution for the development of many countries. To... more Tourism is an economic activity with great contribution for the development of many countries. To develop rural areas, tourism is especially important and need to be improved in these areas. The Government of Brčko District of Bosnia and Herzegovina has decided to have tourism improvement as one of main objectives in their development strategy focusing on better conditions for development of tourism. Investments in tourism should be applied to the entire area of the Brčko District. Since Brčko District mainly consists of rural areas, it is necessary to invest in rural tourism. The first step of this study was to determine the tourist potential of rural areas. The determination of rural tourist potential in Brčko District was carried out with the assistance of the Brčko District Government. For this purpose, the method of expert decision-making was used, and three experts were selected who evaluated six rural settlements. To obtain results based on expert evaluation, two multi-criter...

Decision Making: Applications in Management and Engineering, 2021

Regional integration into the Gulf Cooperation Council has enabled respective countries to effect... more Regional integration into the Gulf Cooperation Council has enabled respective countries to effectively participate in global supply chains. To ensure effective integration of this region into global supply chains, logistics operations are a very important determinant. The aim of this study was to assess logistical performances of GCC countries, and to identify which country has the best conditions for establishing a regional logistic center. For this study, we used relevant data from Logistics Performance Index (LPI) developed by the World Bank. The research was conducted using a hybrid multicriteria approach based on the CRITIC and MABAC methods. The findings of this study indicate that the United Arab Emirates has the best conditions for establishing a regional logistics center. This study also releveled the areas of logistics in which other GCC countries should make an improvement to improve their logistical performance.

Current Chinese Science, 2021

Background:: Selection of Sustainable Suppliers is a key term in sustainable supply chain managem... more Background:: Selection of Sustainable Suppliers is a key term in sustainable supply chain management. This is the reason to choose the supplier who will support the company to implement sustainability in its business, especially in the supply chain. Objective:: The aim of this paper is to establish a new innovative model for decision-making based on a fuzzy approach. Methods:: This decision-making problem is solved by applying multi-criteria decision-making since there are several criteria according to which a decision should be made: economic, social, and environmental. In order to make the final decision on the supply chain better and safer, the social criteria were modified in this paper, adding ethical criteria. The example with modified social criteria in this paper was shown on the example of the company "Voćar" Brčko, which deals with the production of food products. In this paper, the fuzzy Measurement Alternatives and Ranking, according to the Compromise Solution ...

Research in World Economy, 2020

Global competitiveness position is perceived as a highly relevant enabler for attracting foreign ... more Global competitiveness position is perceived as a highly relevant enabler for attracting foreign direct investments. Our study goes beyond this well-known fact to understand whether economic freedom indicators are relevant cause for global competitiveness in attracting foreign direct investments and how this relationship behaves in different conditions of political stability. We focused our empirical study to mediating and moderating processes through which global competitiveness is linked with FDI. We developed and tested a second stage moderated parallel mediation model to observe mediating effects of economic freedom and moderating effects of political stability. Our research was focused on mediating effects of several indicators of Economic Freedom including Size of Government, Legal System & Property Rights, Sound Money, Freedom to trade internationally and Regulation. The findings indicate that Legal System & Property Rights and Freedom to trade internationally have positive c...

Sustainability, 2020

Bosnia and Herzegovina (B&H) possess many natural resources that can be exploited for the develop... more Bosnia and Herzegovina (B&H) possess many natural resources that can be exploited for the development of medical tourism. The offer of medical tourism in B&H is focused on spa tourism. B&H has 16 registered spa-centers offering different types of services. This study provides a complete overview of the assessment of the current state of spa-centres using expert decision-making and methods of multi-criteria analysis. An innovative and novel MCDM model based on integration of the FUCOM (full consistency method) and fuzzy MARCOS (Measurement of Alternatives and Ranking according to COmpromise Solution) methods was used. The model consists of 16 alternatives and eight sustainable criteria. The results of this research have shown that the spa-centers of Ilidža near Sarajevo, Fojnica and Vrućica have the best assessments of the current situation and prerequisites for sustainable business. These spa-centers should be a benchmark to other spas providing direction on how to improve their bus...

Operational Research in Engineering Sciences: Theory and Applications, 2020

Every organization needs to invest in order for it to grow, and investments are made through proj... more Every organization needs to invest in order for it to grow, and investments are made through projects. Thus, investment management is performed by applying project management techniques. Different project management software programs are used to manage multiple projects. There is a lot of project management software on the market, and four pieces of the software were selected and analyzed. In this paper, the best management software rated by the beneficiaries of these projects in the United Arab Emirates are explored. The research required for this study was conducted in the United Arab Emirates. The MARCOS method was used to evaluate the program. The results showed that Smartsheet had been rated the best by users. This paper provides an overview of how multicriteria analysis methods can be used when ranking project management programs.

The European Journal of Applied Economics, 2018

The term consumer behavior has become very popular in recent studies. It is characterized by vari... more The term consumer behavior has become very popular in recent studies. It is characterized by various processes, with consumers purchasing decisions being one of them. This paper explores the way in which demographic characteristics influence purchasing decisions with focus on technical products including household appliances, computers, TV sets and similar technical products that cost more than 400 BAM. The empirical study was conducted in the region of northeast of Bosnia Herzegovina and 192 respondents were included in the study to express their allegations of purchasing decisions. Factor analysis was used to identify broader constructors as a basis for observation of the variables. In total, six variables were identified. Based on the calculation of Cronbach's Alpha indicators, it has been established that there was a low internal affiliation of claims in two variables, upon what they were discarded. Thus, four variables were used to study purchasing decision-making.

EMC Review - Časopis za ekonomiju - APEIRON, 2018

This paper deals with direct effects ofbrand image, satisfaction and value on consumer loyaltytow... more This paper deals with direct effects ofbrand image, satisfaction and value on consumer loyaltytowards branded chocolates. In the empirical research, a model with these four brand dimensions was established to examine different direct effects - how brand image is related to brand satisfaction and its value, and how brand satisfaction is related to brand value. The research was conducted in Bosnia and Herzegovina andincluded 432 respondents based on a snowball sample. The results show that the established structural model is factual,enabling the acceptance of set hypotheses. It has also been proven that the brand satisfaction has the greatest impact on brand loyalty.Based on the findings, the paper additionally contains practical recommendations for production to creating a brand of chocolate.

Engineering Applications of Artificial Intelligence, May 1, 2023

DOAJ (DOAJ: Directory of Open Access Journals), Dec 1, 2022

Journal of Decision Analytics and Intelligent Computing

Understanding the level of economic freedom is an important indicator for investors and policymak... more Understanding the level of economic freedom is an important indicator for investors and policymakers. The index of economic freedom, which the Heritage Foundation releases annually, is the most significant of the methods used to measure this indicator in practice, as this index evaluates the degree of market openness over the degree of fiscal and regulatory restraint. The research presented in this paper was conducted in order to establish the level of economic freedom in the Balkan countries. For this purpose, a multi-criteria ranking of Balkan countries based on economic freedom criteria was used. The weight of the criteria was determined using the Entropy method, and the countries were ranked using the CRADIS (Compromise Ranking of Alternatives from Distance to ideal Solution) method. These methods employed a double normalisation approach, and according to the results of this application, Bulgaria has the best indicators of economic freedom, while Montenegro has the worst, with s...

Sustainability

This study deals with the selection of a sustainable supplier on the example of the agribusiness ... more This study deals with the selection of a sustainable supplier on the example of the agribusiness company Mamex from Bosnia and Herzegovina. The main problem of this research is the selection of a sustainable supplier as a part of the sustainable strategy of the Mamex company. One of the prerequisites is that suppliers must present sustainability principles in business by having an appropriate certificate. The results of the selection of sustainable suppliers are completed using a new hybrid fuzzy approach with the methods IMF SWARA (Improved Fuzzy Stepwise Weight Assessment Ratio Analysis) and fuzzy TRUST (multi-normalization multi-distance assessment) CRADIS (compromise ranking of alternatives from distance to ideal solution) methods. The innovative approach is reflected in the use of a combination of these methods, especially by combining the TRUST and CRADIS methods into one method. The IMF SWARA method shows that the most important main criterion is the economic criterion, while...

Journal of Intelligent Management Decision

The way agri-food companies conduct business has changed as a result of changes in the market. Th... more The way agri-food companies conduct business has changed as a result of changes in the market. These companies must start working in a more environmentally friendly manner. This study aims to examine, assess, and compare how various fuzzy methodologies are applied in green supplier selection (GSS), using an agri-food industry as an example. The company Biljana Brko, which engages in GSS, was observed in this study. The selection aids in the acquisition of raw materials and materials whose environmental impact will be minimized. Ecological and economic factors were taken into consideration when choosing green suppliers. Experts who assessed the weight of the criteria and the suppliers with linguistic values were chosen to carry out this selection. In order to do this, a fuzzy set that effectively applies these linguistic values was employed. The fuzzy SWARA (FSWARA) approach was utilized to calculate the weights of the criteria, revealing that the criterion of Environmental Managemen...

ECONOMICS

Innovation is crucial for the competitiveness of countries in the global market. Countries orient... more Innovation is crucial for the competitiveness of countries in the global market. Countries oriented to progress must invest in innovative activities. Using the example of the Western Balkan countries, this study investigated their innovative competitiveness. The indicators of the Global Innovation Index (GII) were used for the years 2019, 2020, and 2021. A multi-criteria approach was based on the innovative SMART approach. The weights of the criteria were determined using the CRITIC (criteria importance through intercriteria correlation) method, while the CRADIS (compromise ranking of alternatives from distance to ideal solution) method ranked the Western Balkan countries according to their innovative characteristics. The results showed that Montenegro had the best innovation indicators, followed by Serbia, while Albania had the worst indicators. This research showed an innovative approach of using four normalizations, and the advantages of these normalizations were used to contribu...

Environment, Development and Sustainability, Jul 14, 2022

Sustainability

To achieve the highest possible agricultural production, it is necessary to procure the appropria... more To achieve the highest possible agricultural production, it is necessary to procure the appropriate agricultural machinery. A tractor is the most useful machine in agriculture that performs various functions. Therefore, the selection of a tractor is one of the key decisions in the agriculture-production process. This study aims to evaluate heavy tractors for agricultural production in Bosnia and Herzegovina. Since this is a selection between different tractors, which are evaluated using several criteria, the methods of multi-criteria analysis (MCDA) were used in this study. Five different methods were used to determine the weight of the criteria, of which a modified standard-deviation method is a new method used in practice, while the tractor ranking was performed using the CRADIS (compromise ranking of alternatives from distance to ideal solution) method. The results showed that the best-ranked tractor is A4, while the most deviations from the ranking occur when the entropy method ...

South Eastern European Journal of Communication

The aim of this study is to show how effective communication supports the organization and has a ... more The aim of this study is to show how effective communication supports the organization and has a positive impact on the outcome of any business. Study shows that the technology of organization develops employees communication and interpersonal skills. There is no success in the business without investing in communication development. In order to enhance their business, firms must learn effective communication in order to communicate effectively with them. There are different types of communication activity, starting from manager to staff etc. Research shows that the main obstacle in the organization is misusing communication skills in the proper way. In order to escape the problems in the organization leaders should be able to find a proper way to communicate effectively inside an organization. Today, there is a new wave of globalization and different types of virtual communication become very popular making institutional communication very fast and effective. Having in mind all thi...

Every organization needs to invest in order for it to grow, and investments are made through proj... more Every organization needs to invest in order for it to grow, and investments are made through projects. Thus, investment management is performed by applying project management techniques. Different project management software programs are used to manage multiple projects. There is a lot of project management software on the market, and four pieces of the software were selected and analyzed. In this paper, the best management software rated by the beneficiaries of these projects in the United Arab Emirates are explored. The research required for this study was conducted in the United Arab Emirates. The MARCOS method was used to evaluate the program. The results showed that Smartsheet had been rated the best by users. This paper provides an overview of how multicriteria analysis methods can be used when ranking project management programs.

International Journal of Project Organisation and Management, 2021

Tourism, 2021

Many scholars perceive price competitiveness as a highly relevant element of tourism competitiven... more Many scholars perceive price competitiveness as a highly relevant element of tourism competitiveness in improving tourism performance. We focused our research interest specifically to understand whether price competitiveness is an important policy instrument in attracting international tourists and their spending. Our empirical study focused on how price competitiveness behaves as a predictor of tourism performance in different economic conditions and whether price competitiveness is a significant cause of tourism competitiveness in improving tourism performance. For that purpose, we conducted empirical analysis within two stages: moderation analysis to understand how price competitiveness influences tourism performance from the point of view of inbound international tourism and how this relationship behaves in different economic conditions; and mediation analysis to understand whether price competitiveness is relevant cause for tourist competitiveness in improving tourism performan...

Sustainability, 2021

Tourism is an economic activity with great contribution for the development of many countries. To... more Tourism is an economic activity with great contribution for the development of many countries. To develop rural areas, tourism is especially important and need to be improved in these areas. The Government of Brčko District of Bosnia and Herzegovina has decided to have tourism improvement as one of main objectives in their development strategy focusing on better conditions for development of tourism. Investments in tourism should be applied to the entire area of the Brčko District. Since Brčko District mainly consists of rural areas, it is necessary to invest in rural tourism. The first step of this study was to determine the tourist potential of rural areas. The determination of rural tourist potential in Brčko District was carried out with the assistance of the Brčko District Government. For this purpose, the method of expert decision-making was used, and three experts were selected who evaluated six rural settlements. To obtain results based on expert evaluation, two multi-criter...

Decision Making: Applications in Management and Engineering, 2021

Regional integration into the Gulf Cooperation Council has enabled respective countries to effect... more Regional integration into the Gulf Cooperation Council has enabled respective countries to effectively participate in global supply chains. To ensure effective integration of this region into global supply chains, logistics operations are a very important determinant. The aim of this study was to assess logistical performances of GCC countries, and to identify which country has the best conditions for establishing a regional logistic center. For this study, we used relevant data from Logistics Performance Index (LPI) developed by the World Bank. The research was conducted using a hybrid multicriteria approach based on the CRITIC and MABAC methods. The findings of this study indicate that the United Arab Emirates has the best conditions for establishing a regional logistics center. This study also releveled the areas of logistics in which other GCC countries should make an improvement to improve their logistical performance.

Current Chinese Science, 2021

Background:: Selection of Sustainable Suppliers is a key term in sustainable supply chain managem... more Background:: Selection of Sustainable Suppliers is a key term in sustainable supply chain management. This is the reason to choose the supplier who will support the company to implement sustainability in its business, especially in the supply chain. Objective:: The aim of this paper is to establish a new innovative model for decision-making based on a fuzzy approach. Methods:: This decision-making problem is solved by applying multi-criteria decision-making since there are several criteria according to which a decision should be made: economic, social, and environmental. In order to make the final decision on the supply chain better and safer, the social criteria were modified in this paper, adding ethical criteria. The example with modified social criteria in this paper was shown on the example of the company "Voćar" Brčko, which deals with the production of food products. In this paper, the fuzzy Measurement Alternatives and Ranking, according to the Compromise Solution ...

Research in World Economy, 2020

Global competitiveness position is perceived as a highly relevant enabler for attracting foreign ... more Global competitiveness position is perceived as a highly relevant enabler for attracting foreign direct investments. Our study goes beyond this well-known fact to understand whether economic freedom indicators are relevant cause for global competitiveness in attracting foreign direct investments and how this relationship behaves in different conditions of political stability. We focused our empirical study to mediating and moderating processes through which global competitiveness is linked with FDI. We developed and tested a second stage moderated parallel mediation model to observe mediating effects of economic freedom and moderating effects of political stability. Our research was focused on mediating effects of several indicators of Economic Freedom including Size of Government, Legal System & Property Rights, Sound Money, Freedom to trade internationally and Regulation. The findings indicate that Legal System & Property Rights and Freedom to trade internationally have positive c...

Sustainability, 2020

Bosnia and Herzegovina (B&H) possess many natural resources that can be exploited for the develop... more Bosnia and Herzegovina (B&H) possess many natural resources that can be exploited for the development of medical tourism. The offer of medical tourism in B&H is focused on spa tourism. B&H has 16 registered spa-centers offering different types of services. This study provides a complete overview of the assessment of the current state of spa-centres using expert decision-making and methods of multi-criteria analysis. An innovative and novel MCDM model based on integration of the FUCOM (full consistency method) and fuzzy MARCOS (Measurement of Alternatives and Ranking according to COmpromise Solution) methods was used. The model consists of 16 alternatives and eight sustainable criteria. The results of this research have shown that the spa-centers of Ilidža near Sarajevo, Fojnica and Vrućica have the best assessments of the current situation and prerequisites for sustainable business. These spa-centers should be a benchmark to other spas providing direction on how to improve their bus...

Operational Research in Engineering Sciences: Theory and Applications, 2020

Every organization needs to invest in order for it to grow, and investments are made through proj... more Every organization needs to invest in order for it to grow, and investments are made through projects. Thus, investment management is performed by applying project management techniques. Different project management software programs are used to manage multiple projects. There is a lot of project management software on the market, and four pieces of the software were selected and analyzed. In this paper, the best management software rated by the beneficiaries of these projects in the United Arab Emirates are explored. The research required for this study was conducted in the United Arab Emirates. The MARCOS method was used to evaluate the program. The results showed that Smartsheet had been rated the best by users. This paper provides an overview of how multicriteria analysis methods can be used when ranking project management programs.

The European Journal of Applied Economics, 2018

The term consumer behavior has become very popular in recent studies. It is characterized by vari... more The term consumer behavior has become very popular in recent studies. It is characterized by various processes, with consumers purchasing decisions being one of them. This paper explores the way in which demographic characteristics influence purchasing decisions with focus on technical products including household appliances, computers, TV sets and similar technical products that cost more than 400 BAM. The empirical study was conducted in the region of northeast of Bosnia Herzegovina and 192 respondents were included in the study to express their allegations of purchasing decisions. Factor analysis was used to identify broader constructors as a basis for observation of the variables. In total, six variables were identified. Based on the calculation of Cronbach's Alpha indicators, it has been established that there was a low internal affiliation of claims in two variables, upon what they were discarded. Thus, four variables were used to study purchasing decision-making.

EMC Review - Časopis za ekonomiju - APEIRON, 2018

This paper deals with direct effects ofbrand image, satisfaction and value on consumer loyaltytow... more This paper deals with direct effects ofbrand image, satisfaction and value on consumer loyaltytowards branded chocolates. In the empirical research, a model with these four brand dimensions was established to examine different direct effects - how brand image is related to brand satisfaction and its value, and how brand satisfaction is related to brand value. The research was conducted in Bosnia and Herzegovina andincluded 432 respondents based on a snowball sample. The results show that the established structural model is factual,enabling the acceptance of set hypotheses. It has also been proven that the brand satisfaction has the greatest impact on brand loyalty.Based on the findings, the paper additionally contains practical recommendations for production to creating a brand of chocolate.