Though there is no perfect way in which intelligence can be defined, psychologists have given emphasis on different aspects of intelligence. For example some place emphasis on ability to learn , others define intelligence as the ability to carry on logical thinking . And yet some other psychologists focus on ability to adjust or adaptation of individual to his total environment. Thus it is logical to assume that a person who can recognize and apply what he has acquired for the purpose of dealing with varied and novel situation is more intelligent than a person who is capable of little beyond repeating what he had previously acquired . But yes, he has put efforts in memorizing for which he has been rewarded.
Memory is definitely an asset and it also adds to intelligence.
However, it cannot be solely equated with intelligence. As a matter of fact intelligence is just not one ability. Intelligence is a global capacity of the individual to act purposefully, to think rationally, and to deal effectively with environment. Therefore we observe that intelligence consists of number of abilities of an individual. The problem with most available cheap literature in the market is that in zeal of selling psychology quickly, they give wrong prescriptions to increase your intelligence quickly .