VERBATIMS

Is it possible to build a brand's image while discounting its price?

Again, depends on the position of the brand.

A value-based price point can be a portion of the brand's personality, but it can quickly become a commodity if there are not other equally powerful Brand attributes

Depends on combined factors - e.g. design, lifestyle, economic etc

depends on the product and the image that one is trying to build

Depends on what you are building the brand on.  By definition, branding requires value plus something else.

If you aim for a Low Cost/Best Deal proposition

look at jet blue.  look at target

Mustbe selective about the channels where discounting is done

Only if brand is positioned as bargain or low-cost alternative.

Only if the core brand is about affordability (Walmart)

only if you margins to build brand awareness

Only when repositioning the brand.

Yes - if low price is key to the brand