Edit in JSFiddle

<h3>Products</h3>

<ul data-bind="foreach: products">
    <li>
        <strong data-bind="text: name"></strong>
        <button data-bind="click: $parent.removeProduct">Delete</button>
    </li>
</ul>

function appViewModel() {
    var self = this;
    self.products = ko.observableArray([
        { name: "XBox" },
        { name: "PlayStation" },
        { name: "Banana" },
        { name: "Wii" }
    ]);
    
    self.removeProduct = function(product) {
        self.products.remove(product);   
    }
};

ko.applyBindings(new appViewModel());