1. Nothing, which leaves the combined state unchanged: |00>+|11>.
2. Flip the sign of the base state |11>, thereby changing the combined state to |00>-|11>.
3. Flip the first bit which changes the combined state to |10>+|01>.
4. Perform choice 3 and flip the sign of base state |10>, which changes the combined state to -|10>+|01>.
Now notice that all 4 possible combined states are orthogonal to each other. But we reached each orthogonal state by manipulating only Alice's qubit. When Bob receives Alice's qubit he can put the 2 qubits together and see which state the combined system is in. You wouldn't be able to do this by sending a classical bit as that can't participate in entanglement. And entanglement is needed to access 4 different orthogonal states via manipulating just one qubit.
In case of quantum teleportation, you need to send two bits of classical information via whatever mechanism you want to use which again can't be done faster than the speed of light. The benefit is that you can transport the quantum-state of the sender's qubit.