What is good, purchasing a brand name or creating one on our own?
You create an effective brand when you identify what your target customers want from what you sell. If they want quality then your brand name, tagline, and image needs to reflect quality. If you are seeking to be known for lower prices then this is a different brand image.
Ask one simple question to create your brand: What one thing, if you could be or deliver on, would make people chase your company down (or you) for your business?