Otherwise they wouldn't be stereotypes

True but you always have to remember that they don't apply to everyone.

Based on, yes, but they're often exaggerated.

well based on perception of behavior

True behavior of a select group of the stereotyped people. You can't go saying "white girls like starbucks" because that isn't always true.

Yes, but not the true behavior of the group. Just because lots of black people like KFC doesn't mean all black people like KFC or that liking KFC is somehow unique to black people.
The is no point to your assertion.

Based on true behavior of an individual who is one part of a bigger group, which is then often misjudged because of the individual.

All white people shoot up schools

RACIST!!!!!!!!

Well yes but there's a stereotype that Jews have horns...