"NTP master" command is used to make the router act as an ntp server with it's own hardware clock as a source.
In a network without Internet connectivity, such a time source may not be available. The ntp master command is used in such cases.
A system with the ntp master command configured that cannot reach any clock with a lower stratum number will claim to be synchronized at the configured stratum number, and other systems will be willing to synchronize to it via NTP.