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Marketing (traffic), content, and design are all necessary elements.
And other factors play a part in the success - price (#1 possibly), customer support, name/reputation, billing company that doesn't suck, etc. (Frequency and quantity of Updates are part of the Content area.)
Overused not-good-quality content can still make some sales. For example, if the site is designed really nicely, and you have tons of SE traffic. (Some little free sites have NO actual content and earn a lot.)
Crappy blind traffic can still make some sales. For example, if you have content that really makes them curious, and the design makes them think your site/biz is a quality one. (Some webmasters make a bunch off exit hits.)
And dull simple design can still make some sales. For example, if you have HQ content that matches the surfer's like, and targetted hits. (A site could even have NO graphics at all, and do ok).
Of course, having just 2 (or 1) of the 3 elements can severly limit the sales.
They are interlinked.
Content has a huge role in retention, but also conversion (if they liked the samples and promise of what is inside), and traffic (the girl/guy in your banner should look enticing).
Design has a huge role in conversion, usually plays a part in getting the traffic (the banner is flashing and gets the clicks), and often retention (member graphics).
Marketing gets the traffic (volume of potential buyers), and has a part in conversion (if it is targetted traffic), and retention (if you deliver what you promise, and you can convince them to stay if you promise "more great stuff soon").
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