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// Create an observable view model object.
var person = kendo.observable({
    firstName: "John",
    lastName: "DeVight",

    // Create a calculated field.
    fullName: function() {
        // The "get" function must be used so that changes to any
        // dependencies will be reflected in the calculated field.
        return this.get("firstName") + " " + this.get("lastName");
    reset: function() {
        this.set("firstName", "John");
        this.set("lastName", "DeVight");

// Bind the view model to the personFields element.
kendo.bind($('#personFields'), person);
<div class="title">Instructions</div>
    <li>Change the "First Name" or "Last Name" and see the "Full Name" change.</li>
    <li>Click the Reset button to see the Fist Name and Last Name get reset to it's original values.</li>

<div id="personFields">
    <div class="field">
        <div>First Name:</div><input data-bind="value: firstName"/>
    <div class="field">
        <div>Last Name:</div><input data-bind="value: lastName"/>
    <div class="field">
        <div>Full Name:</div><span data-bind="text: fullName"/>
    <button class="k-button" data-bind="click: reset">Reset</button>

.title {
    font-weight: bold;
    font-size: 18px;

#personFields {
    margin-top: 20px;

.field {
    display: block;
    width: 100%;
    padding-bottom: 5px;

.field div {
    display: inline-block;
    width: 100px;

External resources loaded into this fiddle: