In this paper, popular model reduction techniques from the fields of structural dynamics, numerical mathematics and systems and control are reviewed and compared. The motivation for such a comparison stems from the fact that the model reduction techniques in these fields have been developed fairly independently. In addition, the insight obtained by the comparison allows for making a motivated choice for a particular model reduction technique, on the basis of the desired objectives and properties of the model reduction problem. In particular, a detailed review is given on mode displacement techniques, moment matching methods and balanced truncation, whereas important extensions are outlined briefly. In addition, a qualitative comparison of these methods is presented, hereby focusing both on theoretical and computational aspects. Finally, the differences are illustrated on a quantitative level by means of application of the model reduction techniques to a common example.