As far as I know, after extensively testing Lenovo Photo Master a couple of times, I couldn't find a way to import videos which means it's impossible. The software is capable exporting images to a video format in slideshow mode, but that's pretty much about it when it comes to video support.
You'll have to use another application if you want to use the video import feature. One powerful application that you can use is the all known ProShow Gold. It allows importing videos and images to produce other slideshows with transitions, effects, animations, etc.