I agree that the target audience is important, but is that really part of your website? No. Not unless you build a website that reads itself. (In other words I would consider your "audience" to be the content you're showing them.) Or do you mean your advertising of the website? Which I would consider with traffic, not content.
I agree that content is very important. I voted Navigation, however. Though I think content would be a very close second. Graphics/Multimedia would be last - especially flash! I hate flash!
