Final answer:
Ohio University created the first master's degree program in Sports Management, marking a shift towards professional degree programs in response to societal and market demands.
Step-by-step explanation:
Ohio University is credited for creating the first master's degree program in Sports Management. This development was part of a larger trend where professional training programs in business and other practical fields began to emerge in response to market demands. Notably, the Wharton School at the University of Pennsylvania had previously been almost alone in offering professional business training, but as the 20th century began, there was a significant shift towards these practical degree programs.
Colleges across the United States initiated professional business degree programs to attract students, satisfy the political demands of business leaders, and respond to conservative lawmakers challenging the value of liberal arts degrees. By the end of the decade, more funds were being allocated to marketing than to education, which was indicative of the evolving educational landscape.