In 2020, John Deere announced a new vision and operating model in order to accelerate its success in the integration of smart technology innovation with Deere's legacy of manufacturing excellence. The new model is designed to unlock new value for customers and respond more quickly to changing market conditions (John Deere, 2020).

Apply the value equation model to John Deere, to assist in creating more value for its business-to-business customers. Define the value equation as it relates to John Deere (1 mark). Explain perceived benefits and perceived costs in relation to John Deere's offering to its business-to-business customers (8 marks). Conclude by constructing a John Deere value equation based on your explanation of perceived benefits and perceived costs (1 mark).