Find a specific word in paragraph

I am finding a specific word from a paragraph and want to make it bold. I have done below code but it's not working.

HTML

<div>Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.</div>

Script

var text = /Lorem/ig;
    $('div')
    .filter(function(){
        return text.test( $(this).text() )
    }).wrap('<strong></strong>');

Fiddle Demo

There is lil' plugin created by elclanrs

$.fn.wrapInTag = function(opts) {

   var tag = opts.tag || 'strong'
, words = opts.words || []
, regex = RegExp(words.join('|'), 'gi') // case insensitive
, replacement = '<'+ tag +'>Lorem</'+ tag +'>';

 return this.html(function() {
   return $(this).text().replace(regex, replacement);
  });};

// Usage
$('div').wrapInTag({
  tag: 'strong',
  words: ['Lorem']   //can be comma seprated like  ['Lorem','ipsum']
});

Working Demo