The sociological definition of racism is defined as prejudice plus institutional power to perpetuate that prejudice.
There's a few problems with that train of thought though, I can sense you're only using a type of sociological thought that agrees with your bias and ignoring the various other types of sociological theory and using the term sociolocal as a get out clause even though there are various conflicting/contradictory definitions of racism in the sociological theory world.
Youre also forgetting these types of social theory:
labelling theory
social control theory
Marxist theory
anomie theory
general strain theory
deviant place hypothesis
grounded theory
collective action theories
Value‐added theory
Frame analysis theory
rational choice theory
radical theory
differential reinforcement theory
differential opportunity theory
Critical theory
Functionalist theory
Interpretive sociological theory
Social phenomenological theory
Social constructionism
Symbolic interactionism opportunity theory Dramaturgical theory
Deprivation theory
Resource mobilization theory
Culture theory
social epidemiology disengagement theory
cultural transmission theory
voluntarism theory
feminist theory
neutralization and drift theory
containment theory
differential association theory
culture conflict theory
routine activity theory
social behaviouralism
Relative deprivation theory
Political process theory
New social movement theory
social learning theory
social disorganization theory
delinquent subculture theory
Conflict theory
Feminist theory
social structure theory
Weberian conflict theory
Sociological positivism
Structural functionalism
Broken windows theory
Culture of poverty theory
primordial theory
Mass society theory
Political process theory consensus theory rationalization of society activity theory
Bonding theory
World systems theory
Your terms are also ameri-centric and conventionally forget about societies where ol' whitey doesn't hold any power, or times when white on white action led to one particular race being subjugated to a less role within in society ( I'm think Ireland 1600s, white slave trade in Africa 1700-1800 and South Africa now).
Basically you can't "ohh well sociologically I'm correct" because that's not what some social theory states. Revolutionary Marxism (bare in mind most mainstream forms of sociological theory have subsets like radical, new age and conventional feminism etc) states that racism can be seen as "FOR REVOLUTIONARY Marxists, there is an inextricable link between racism and capitalism. Capitalism is dependant on racism as both a source of profiteering, but more importantly as a means to divide and rule. Racism is necessary to drive a wedge between workers who otherwise have everything in common and every reason to ally and organize together, but who are perpetually driven apart to the benefit of the ruling class."
So whilst it goes in favour of "those in power" bullshit, it only applies to large corporations and the ruling classes.
Now I don't think that applies to anyone in that film or anyone this site (unless you classify Faraaz as a huge business owner who wants is at each other's throat).
Basically the film is a poor show at Satire. I don't know why, but Americans can't seem to do it very well. Leave it to the Europeans please.