Step 1: Identify the type of reaction.
The given reaction is a Friedel–Crafts acylation reaction, where an acyl group is introduced into the benzene ring in presence of a Lewis acid catalyst.
Step 2: Formation of acylium ion.
Benzoyl chloride reacts with anhydrous $AlCl_3$ to form the benzoyl acylium ion $(C_6H_5CO^+)$, which acts as the electrophile.
Step 3: Electrophilic substitution on benzene.
The acylium ion attacks the benzene ring, leading to substitution of a hydrogen atom and formation of benzophenone.
Step 4: Conclusion.
The product formed is benzophenone.