Specific to tools and services, YouTube has everything built right into the platform. The only external tool decision is going to be which video production tool to use.
Within YouTube, you can now edit any of your uploaded videos very easily. Consider the following screenshot:
For each video, you can open up the editing tools and make any desired changes such as cropping, new effects, and audio adjustments. This tool is very user friendly.
YouTube also offers tools to help you create videos at http://www.youtube.com/create.
From a management perspective, here are two considerations: