If i choose to do customization and coding through Setup menu and Developer console in my dev sandbox without using Force.com IDE plugin with eclipse, what process should i follow to use version control and deployment.
I m not sure why you are not going to use IDE..
but to answer your question one option is to
- setup Force Migration Tool (Ant) scripts to retrieve the metadata components you are interested in from the source sandbox on a scheduled job and push it to Git / SVN
- have Jenkins / Teamcity / Bamboo to pick up the changes from your Git / SVN and again use Migration Tool scripts to deploy the changes in the commit to your target sandbox
this is just one way but there are different possibilities in setting up Source Control, Auto builds & deploy, Running tests, overall CI setup..
There are lot of articles around this which are very useful..