Here's a high level overview of how we do it (I actually have a flow chart of this but has some info i can't share publicly)
Our Marketing Communications Project Managers meet with requesting "Marketer" and fill out a Campaign Workbook similar to what Lauren Kincke mentions. They then meet with me to develop the flow and assign the tasks using a project management tool (copy writer, designer, web, then me for the 'eloqua stuff'). Once copy is approved - goes to the designer - once the mock-ups are approved it comes to me for HTML and testing.