The correct answer or at least the canon answer @bowlturner has already mentioned. Doing the whole room is the best way to do things. That said...its more expensive and more time-consuming.
If your problem is in the middle of a floor, in a high traffic area, spread out over a decent sized area (2 sq feet ore more really) or otherwise blatantly obvious...yeah you are going to have to sand everything (it would be best if you could post a picture of the area you need to fix).
Now...all that said I have touched up spots on floors before...and while they personally drive me insane because I see every minute flaw, most don't notice.
For a relatively small flaw/area here is what I have done (and to all the perfectionists, no...I am not proud of this :) )
Tape around the area as tightly as you can, meaning don't make it a square. Give about 1/2 inch between the tape and the flaw(s) all the way around. Make sure you use quality tape that will not pull up.
Sand...yeah I said it...sand. Now. How much you sand depends on the depth of the flaw. If it is just a flaw in the finish...ignore everything I said, get some floor wax and buff the crap out of it. Problem solved.
If it is deeper, meaning into the wood, sand as needed to smooth things out, apply a stain absorbing filler if necessary. Sand the entire taped area at least enough to roughen up the finish.
Clean really really really well.
Apply finish. I actually use an aerosol spray finish most of the time, they usually come in satin, semi-gloss and gloss. Spray the finish and let it dry completely, use thin coats of finish.
Sand.
Apply finish.
Sand
Apply finish.
Pull the tape painter style (back on itself rather than up).
Sand with a smooth grit paper or sometimes you can get away with a 0000 steel wool...be gentle either way.
Once that is done buff/polish the floor and it should blend in pretty decently.
This method is all about touch, go light, if you're heavy handed it'll just be a pain