Dilute polymer blends and immiscible liquid emulsions are characterized by a globular morphology. The dynamics of a single drop subjected to an imposed flow field has been considered to be a valuable model system to get information on dilute blends. This problem has been studied either theoretically by developing exact theories for small drop deformations or by developing simplified models often based on phenomenological assumptions. In this paper, a critical overview of the available models for the dynamics of a single drop is presented, discussing four different systems, namely the Newtonian system, where a single Newtonian drop is immersed in an infinite Newtonian matrix; the non-Newtonian system, where at least one of the components, the drop fluid or the matrix one, is non-Newtonian; the confined Newtonian system, where the matrix is confined and wall effects alter the drop dynamics; and the confined non-Newtonian system.