Providing high quality experience for the tourists is seen as a key strategic objective in contemporary tourism development. In fact, the quality of experience has been considered as a tool for increasing destination competitiveness. Montenegro as tourist destination is committed to achieving tourists' satisfaction where main focus should be given to the analysis of the key determinants of tourist satisfaction. Tourism products and sendees need to match tourists' expectations, in order to achieve their satisfaction. However, it is not enough to analyze his/her satisfaction, measured on an ordinal scale (very satisfied, satisfied, not satisfied), but to analyze the factors and their interrelationships in the process of the tourist satisfaction for a better understanding of the consumer psychology, as well. Given the importance of tangible and intangible elements of tourism product, the objective of our paper is to empirically examine whether tangible and intangible elements of Montenegrin tourism product influence differently tourist satisfaction. In doing so, we use data from the Montenegrin survey called Guest Survey 2010. The main objective of the survey is to obtain representative view regarding tourist travel behavior and satisfaction during their stay in Montenegro. Working on sample of 740 tourists, our results reveal that both tangible and intangible elements improve tourist satisfaction
