Moving site name – how to?

Hi. We’ve been testing out our site. The location is root/wordpress but now we would like to go live and call it something like root/blog. I just tried changing the folder name from ‘wordpress’ to ‘blog’ and, alas, it did not work. How to? What other pointers do I have to change, and where are they located?

Related question: How can we move it directly to the root? Or is this not advisable as a best practice?