To assign priority, look at each atom one at a time -
For the example you gave, start with the chiral carbon. The first atom attached to the chiral carbon along each of the four substituents (phenyl, methylene, ethylene, carbonyl) is another carbon - at this point they all have the same priority.
Now look at the next atom along each substituent. The carbon along the phenyl group has three bonds to other carbons, the methylene group has two bonds to hydrogen and one to carbon, the ethylene group has two bonds to carbon and one to hydrogen, and the carbonyl group has two bonds to oxygen (and since you didn't say aldehyde, I'm guessing one bond to carbon). Since the carbonyl has bonds to atoms of a higher atomic number, it would be the highest priority - next would be the phenyl (with three bonds to carbon), then the ethylene (with two) and then the methylene (with one).
The real trick is to go atom by atom looking at atomic number and block out the rest of the structure in your mind, so the sheer size of the substituent won't trick you into ignoring which has the highest atomic number first.