I think the most "correct" answer depends heavily on your cabling starting point(s).
If you started at THE most basic level (the interconnect junk that comes with many components, a basic roll of 16g speaker wire, and a Home Depot multi-outlet power cord) then I would rank audibly noticeable 'improvement' as follows:
1st place: Speaker cabling
2nd place: Interconnect cabling
3rd place: Power cabling
You are also going to get the most noticeable LEVEL of improvement switching out from these starter cables to even the most basic level shielded / higher gauge speaker cable / interconnects / almost any 'conditioning' power cabling...
As you go up the ladder in quality (and cost), the Law of Diminishing Returns will come into play; subsequent levels of 'improvement' (or even sonically noticeable differences) will become ever more subtle. Then of course, you have to factor in the individuals personal taste and, many times, the physical limitations of the individuals hearing and ability to discern minor differences in sound quality. I find more often than you might think an individual (especially those of us past a certain age) wastes time and money (IMO) chasing specs that they themselves can no longer hear due to age - related hearing spectrum loss...
One area that often is overlooked is asking the question "are my components currently fully capable of performing at their rated capacity / SQ..?" Are the internals clean and dust free? Do all potentiometers work without issue? Do my speakers / amplifiers / media players need recapping or other restorative work to truly reach their stated specifications? As I personally favor 'vintage' equipment, this question is a must-ask in my niche group; however, even for those with newer era equipment, the area of component health should still be explored (but often is not).
IMO, in the end it really becomes (at its simplest form) a matter of how far you want to chase perfection - and how much time and $$$ you are willing to invest in the chase...