Its a real good question.
If you contrast non-narrative poetry
with the narrative prose
you get two different kinds of literary pleasures.

Narratives follow the line of time and sequence.
This is how we generally experience life.
For this reason, we slot right on in
and tend to recognize plenty in a narrative.
(whereas poetry frequently lacks this familiarity)
We are also more comfortable with linear/sequential narrative
because of this familiarity.

Now, keeping all that in mind,
we also have to take a look at character and plot.
Why should we even give a rats ass about this person?
Why should we care about what is happening?

Frequently, whether its short story, novel or play
the author or playwrite will set up characters
that we can identify and even archetype.
Then, the writer will set them in situations
or conflicts that bring the reader along.
This is a big part of the magic of narrative.

Then its up to the writer where this is going to go.
You are bringing your readers on a ride
and in this is the wonder of storytelling.

An element not to ignore is the poetic,
even in prosaic narrative.
The use of language can draw one into your story
Keep them with you
and even induce something of a trance state.
There are many tools to do that.
(thats much of what I teach).

You are going to hear different opinions on this
but
Compelling storytelling IS the heart of culture
in my opinion.

The classical elements of story (narrative) are, if I recall, as follows...

-Opening
-Conflict
-Complication
-Climax
-Point of Tension
-Resolution
-Conclusion

You will see these elements in most Hollywood films by the book. You'll see postmodernists fuck with the format, but that's only by writers who are already accomplished in narrative. This is all covered in most writing courses.

How well one developes within this framework is a major consideration. In many PoMo works, how well you play with the format without totally destroying cohesion (or using the breaking of rules to effectively express what the author is intending)