We see people struggling with what to upgrade next, or where to direct their attention if everything seems to be working fairly well. I'm probably a bit more inclined to give more importance to sources and less to speakers than most people, but in general I like to look at which component is the 'rate-limiting factor' which one holds back the rest and then concentrate on improving that.
But to look specifically at vinyl reproduction, I have the strong impression that out of the four main components, they can be ordered in importance of potential effect on sound like this:
Cartridge
Phono stage
Tonearm
Turntable
I'm sure other people would list those four in a different order. How would you rank them and why?