Let's first identify the crucial elements or basic components of SEM. They are: keywords research, SEO, search engine submission, link building, link popularity analysis, traffic analysis etc. All these are, of course, crucial parts of SEM plan, but the first three are must, i.e. keyword research; finding the more search keywords related to a particular site and making a list of all alternative words or synonyms, optimizing the site for search engines so that they can better crawl at it, and letting the SEs know about the site by submitting URL to them. In other words these three are the major focus of SEM.
After the major focus, comes main focus, and that's link building. A site when marketed needs more and more links. And then it comes to keep a check on SEM plan by analyzing the whole campaign and the individual components as well, i.e. link popularity analysis, traffic analysis etc.
SEM experts may have a different view with the changing trends of search engines standards, and the varying requirements of e business, but the concept of SEM is constant and a fair conclusion will be, "there's not a single component in SEM to focus more on, instead all are interrelated to each other and need variable attention and consideration depending on desired output'.
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