Most important vinyl component to upgrade first ?

1. Phono Pre
2. Cables
3. Table
4. Arm
5. Cart

I would like to speak in generalities if possible, so
I'm not going to refer to my own equipment, maybe later
on in the thread, or a different thread.

In my opinion, I would say the transducer, which is
the cartridge. ( I feel the same about the other system
transducer, the speakers.)

So, as a generality, is it safe to say (if you agree with
my choice) that it would make the most audible difference
to upgrade your cart first ? I hope not to make this a
loaded question, what I mean is: what component do you
think would be most important soundwise, therefore what
would you upgrade first ?