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Your analytics should be tracking referring URLss That's something that a JS based analytics package usually tracks.
So... if this link was going to pass juice to our site I'm assuming it would be credited to example.com/product/?trackingvar=1234 and not example.com/product/
...it could create some duplicate content issues.
When Google detects duplicate content, such as variations caused by URL parameters, we group the duplicate URLs into one cluster and select what we think is the "best" URL to represent the cluster in search results. We then consolidate properties of the URLs in the cluster, such as link popularity, to the representative URL. Consolidating properties from duplicates into one representative URL often provides users with more accurate search results.
Odds are, the tracking variable is going to make it look like they are a commissioned site.