The given reaction is a nucleophilic substitution, where the alkoxide ion \( \text{CH}_3 \text{CH}_2 \text{CH}_2 \text{O}^- \) (from the ethanol and sodium reaction) attacks the electrophilic carbon in the benzyl bromide \( \text{C}_6 \text{H}_5 \text{Br} \). This results in the substitution of the bromine atom by the ethoxy group \( \text{CH}_3 \text{CH}_2 \text{CH}_2 \text{O} \), forming phenylethanol (ethyl phenyl ether) as the product.
Thus, the product is: \[ \text{CH}_3 \text{CH}_2 \text{CH}_2 \text{O} \text{C}_6 \text{H}_5 \] The correct answer is \(\text{CH}_3 \text{CH}_2 \text{CH}_2 \text{O} \text{C}_6 \text{H}_5\).