Shape Optimization problems governed by partial differential equations result from many applications in computational fluid dynamics; they involve the repetitive evaluation of outputs expressed as functionals of the field variables and usually imply big computational efforts. For this reason looking for computational efficiency in numerical methods and algorithms is mandatory. The interplay between scientific computing and new reduction strategies is crucial in applications of great complexity. In order to achieve an efficient model order reduction, reduced basis methods built upon a high-fidelity ``truth'' finite element approximation -- and combined with suitable geometrical parametrization techniques for efficient shape description -- can be introduced, thus decreasing both the computational effort and the geometrical complexity. Starting from an excursus on classical approaches -- such as local boundary variation and shape boundary parametrization -- we focus on more efficient parametrization techniques which are well suited for a combination with a reduced basis approach, such as the one based on affine mapping (even automatic), nonaffine mapping (coupled with a suitable empirical interpolation technique for better numerical performances) and free-form deformations. We thus describe (and compare) the principal features of these parametrization techniques by showing some applications dealing with shape optimization of parametrized configurations in viscous flows,and discussing computational advantages and efficiency obtained by geometrical and computational model order reduction.